Core Insights - The handheld multi-parameter monitoring devices market is experiencing significant growth driven by the demand for portable and real-time health monitoring solutions [2][3] - The market was valued at US$ 3.2 billion in 2024 and is projected to grow at a CAGR of 4.6%, reaching over US$ 5.3 billion by 2035 [2][3] Market Drivers - Increasing prevalence of chronic diseases such as cardiovascular diseases, diabetes, and respiratory disorders necessitates continuous monitoring [6] - The shift towards home healthcare and remote patient monitoring is fostering personalized and decentralized healthcare solutions [6] - Advancements in sensor and wearable technologies are leading to the development of lightweight, non-invasive, and AI-integrated monitoring systems [6] - The growing geriatric population demands easy-to-use, real-time health tracking solutions [6] - The integration of telemedicine and digital health is expanding the adoption of cloud-based and Bluetooth-enabled diagnostic tools [6] Competitive Landscape - Key players in the market include Abbott, Medtronic, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., GE HealthCare, and NIHON KOHDEN CORPORATION [7][11] - Companies are focusing on investments in sensor technology, AI-based analytics, and wireless connectivity to enhance patient monitoring experiences [7] Market Segmentation - By application, the market share is distributed as follows: Hospital & Clinical Use (40%), Home Healthcare (30%), Emergency & Critical Care (20%), and Military & Remote Healthcare (10%) [13] - By region, North America holds 45% market share, followed by Europe at 30%, Asia-Pacific at 15%, and the Rest of the World at 10% [14] Future Outlook - Emerging opportunities include portable handheld monitors for hospitals and home care, wearable multi-parameter devices integrated with smart technology, and wireless devices enabling remote monitoring [15] - The market is characterized by rapid technological advancements and increasing investments in healthcare infrastructure [9][10]

Core Viewpoint - GE HealthCare Technologies Inc. (GEHC) has introduced Freelium, a next-generation sealed magnet platform aimed at transforming Magnetic Resonance (MR) imaging by using less than 1% of helium compared to traditional systems, thereby enhancing sustainability and accessibility in helium-scarce regions [1][6]. Group 1: Product Features and Benefits - Freelium utilizes intelligent magnet technology that supports AI-enabled solutions, featuring remote monitoring and automated recovery to ensure consistent performance and minimize downtime [2][8]. - The platform is designed to reduce operational costs without compromising performance, operating without additional cooling or power requirements, and includes intelligent sensor technology for remote monitoring [8]. - Freelium's environmentally friendly design aligns with GEHC's sustainability goals, having already saved approximately 3 million liters of helium through its innovative magnet technology [9]. Group 2: Market Impact and Financial Performance - Following the announcement of Freelium, GEHC shares closed flat at $87.35, with a 3% increase over the past six months, compared to the industry’s 7.5% growth and the S&P 500's 8.1% increase during the same period [3]. - The introduction of Freelium is expected to drive long-term stock growth by providing a sustainable and cost-efficient MR imaging solution, potentially increasing GEHC's market share and revenue in the medical imaging sector [4]. - GEHC currently has a market capitalization of $39.95 billion and reported an earnings surprise of 15.1% in the last quarter [5]. Group 3: Strategic Developments - GEHC has made strategic moves to enhance its imaging services and AI capabilities, including a partnership with Sutter Health to improve access to innovative imaging services [10]. - The company is advancing its AI-driven technologies, with recent submissions for FDA clearance and the introduction of new imaging systems aimed at improving diagnostic accuracy and workflow efficiency [11][12].

Group 1 - Zacks Premium offers various tools for investors, including daily updates on Zacks Rank and Industry Rank, access to the Zacks 1 Rank List, Equity Research reports, and Premium stock screens [1][2] - The Zacks Style Scores rate stocks based on value, growth, and momentum characteristics, helping investors identify securities with high potential to outperform the market [2][3] Group 2 - Each stock receives a rating from A to F based on its value, growth, and momentum, with A being the highest score indicating a better chance of outperforming [3] - The Value Score identifies attractive and discounted stocks using ratios like P/E, PEG, and Price/Sales [3][4] - The Growth Score focuses on a company's financial strength and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] - The Momentum Score helps investors capitalize on price trends, using factors like one-week price change and monthly earnings estimate changes [5] Group 3 - The VGM Score combines all Style Scores, providing a comprehensive indicator for investors who utilize multiple investing styles [6] - The Zacks Rank employs earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988, significantly outperforming the S&P 500 [7][8] Group 4 - Investors are encouraged to select stocks with Zacks Rank 1 or 2 and Style Scores of A or B to maximize returns [10] - Stocks with lower ranks, such as 4 (Sell) or 5 (Strong Sell), even with high Style Scores, may still face downward price trends [11] Group 5 - GE HealthCare Technologies Inc. is a leading provider of medical technology and digital solutions, formed on January 3, 2023, after a spin-off from General Electric [12] - GE HealthCare has a Zacks Rank of 3 (Hold) and a VGM Score of B, with a Value Style Score of B due to a forward P/E ratio of 19.39 [12][13] - The company has seen upward revisions in earnings estimates, with the Zacks Consensus Estimate increasing by $0.01 to $4.70 per share, and an average earnings surprise of 6.2% [13]

2025年2月13日，GE Healthcare（纳斯达克股票代码：GEHC）股价上涨，其2024年第四季度业绩超出调整后的每股收益（EPS）预期。截至13日下午交 易时段，GEHC的股价上涨 超过9% ，达到每股 93.79美元 。 GE医疗报告了 7.37亿美元 的利润，第四季度销售额达到 53.2亿美元 （约合388亿人民币） ，每股收益为1.57美元。 经过调整，剔除一次性项目后，每股 收益为1.45美元，比华尔街预期高出19美分。销售额几乎与预期持平，专家此前预测的收入为53.3亿美元。 | Revenues | Organic orders growth **(1) | Adjusted EBIT* and Adjusted EBIT margin* | Adjusted EPS* | Free cash flow* | | --- | --- | --- | --- | --- | | S5.3B | 6% YoY | S994M | SI 45 | S811M | | 2% Organic growth*14 | Book-to-Bill** | 18.7% Margin | +23% YoY ...

Core Insights - GE HealthCare reported fourth-quarter adjusted EPS of $1.45, an increase from $1.18 a year ago, surpassing the consensus estimate of $1.26 [1] - The company achieved sales of $5.32 billion, nearly matching the consensus of $5.33 billion, reflecting a 2% year-over-year growth on both reported and organic bases [1] - Revenue growth was primarily driven by Advanced Visualization Solutions (AVS) and Pharmaceutical Diagnostics (PDx), with notable strength in the U.S. market [1] Financial Performance - For 2024, GE HealthCare recorded revenues of $19.7 billion, a 1% increase year-over-year on both reported and organic bases [2] - Net income attributable to GE HealthCare rose to $720 million from $403 million a year ago, while Adjusted EBIT increased to $994 million from $837 million [3] - The total company book-to-bill ratio was 1.09 times, with total orders increasing by 6% organically year-over-year [2] Management Commentary - GE HealthCare President and CEO Peter Arduini expressed satisfaction with the strong momentum in orders, backlog, and book-to-bill ratios observed in the fourth quarter [4] - The company continues to experience revenue growth driven by demand in AVS and PDx, alongside robust margin expansion and earnings growth [4] Future Guidance - GE HealthCare provided guidance for 2025, factoring in the impact of recently implemented U.S. tariffs on products from China [4] - The company anticipates organic revenue growth of 2% to 3% year-over-year, with an expected adjusted EBIT margin of 16.7%-16.8% [6] - Adjusted EPS is projected to be between $4.61 and $4.75, compared to the consensus of $4.66, with free cash flow expected to be at least $1.75 billion [6] Stock Performance - GEHC stock experienced a rise of 9.01%, reaching $93.64 during the last check on Thursday [5]

Core Insights - GE HealthCare (GEHC) reported fourth-quarter 2024 adjusted earnings per share (EPS) of $1.45, exceeding the Zacks Consensus Estimate of $1.26 by 15.1%, and showing a year-over-year improvement of 22.9% [1] - The company's shares gained 0.7% in pre-market trading following the earnings report, with a 3% increase over the past six months compared to the industry's 12.8% growth [2] - Total revenues for the fourth quarter were $5.32 billion, a 2% year-over-year increase, although it missed the Zacks Consensus Estimate by 0.2% [3] Revenue Details - Revenues were driven by strong performance in the U.S. market across all segments, particularly in Advanced Visualization Solutions and Pharmaceutical Diagnostics [3] - For the full year 2024, GEHC reported revenues of $19.67 billion, reflecting a 1% year-over-year increase [4] Segment Performance - Imaging segment revenues were $2.39 billion, flat year-over-year, with segment EBIT at $302 million, up 19% [5] - Advanced Visualization Solutions generated revenues of $1.44 billion, a 4% year-over-year increase, with segment EBIT at $374 million, up 15% [7] - Patient Care Solutions revenues were $827 million, flat year-over-year, with segment EBIT down 4% to $106 million [7] - Pharmaceutical Diagnostics revenues totaled $646 million, up 9% year-over-year, with segment EBIT at $212 million, up 47% [7] Margins and Cash Flow - The net income margin improved to 13.5%, up 580 basis points from the prior year, attributed to productivity and pricing benefits [8] - Cumulative cash flow from operating activities at the end of the fourth quarter was $1.96 billion, down from $2.1 billion a year ago [8] Financial Position - GEHC ended the fourth quarter with cash, cash equivalents, and investments of $2.89 billion, down from $3.57 billion in the previous quarter [9] - Total assets decreased to $33.08 billion from $33.86 billion sequentially [9] 2025 Guidance - For 2025, GE HealthCare expects adjusted EPS in the range of $4.61-$4.75, indicating a year-over-year growth of 3-6% [10] - Revenues are anticipated to grow 2-3% organically, reflecting continued demand for its products and services [10]

Core Insights - GE HealthCare Technologies reported mixed financial results for Q4 2024, with adjusted EPS of $1.45 exceeding expectations of $1.27, while revenue of $5.32 billion showed modest growth of 2% year over year [2][4][7] - The company demonstrated strong earnings performance but highlighted challenges in revenue expansion and cash flow management [3][10] Financial Performance - Adjusted EPS increased by 23% from $1.18 in Q4 2023 to $1.45 in Q4 2024 [4] - Revenue of $5.32 billion was slightly below analysts' expectations of $5.33 billion, reflecting a 2% increase from $5.21 billion in Q4 2023 [4][7] - Net income margin improved to 13.5%, up from 7.7% in the previous year, indicating enhanced profitability [4] - Free cash flow decreased by 15.2% to $811 million from $956 million in Q4 2023, suggesting a need for improved cash management [4][10] Segment Performance - The Pharmaceutical Diagnostics segment experienced significant EBIT growth of 47% year over year, with a 9% revenue increase [8] - Advanced Visualization Solutions segment revenue grew by 4%, while the Imaging segment revenue remained flat year over year, indicating stagnation in a key area [8] Strategic Initiatives - GE HealthCare focused on innovation, launching nearly 40 new products and investing $138 million in Ireland to enhance service capabilities [9] - Partnerships in AI technology, such as with Nuffield Health in the UK, reflect the company's commitment to driving future innovation and market presence [9] Future Outlook - For 2025, GE HealthCare projects organic revenue growth of 2% to 3% and adjusted EPS growth of 3% to 6%, with EBIT margin enhancement to 16.7%-16.8% [12] - The company aims to leverage strategic partnerships and innovation to navigate challenging market conditions, particularly in China [12]

Core Insights - GE HealthCare Technologies (GEHC) reported quarterly earnings of $1.45 per share, exceeding the Zacks Consensus Estimate of $1.26 per share, and up from $1.18 per share a year ago, representing an earnings surprise of 15.08% [1] - The company posted revenues of $5.32 billion for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.25%, but up from $5.21 billion year-over-year [2] - GE HealthCare shares have increased approximately 9.9% since the beginning of the year, outperforming the S&P 500's gain of 2.9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.98 on revenues of $4.75 billion, and for the current fiscal year, it is $4.65 on revenues of $20.38 billion [7] - The estimate revisions trend for GE HealthCare is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Medical - Products industry, to which GE HealthCare belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - The performance of GE HealthCare's stock may be influenced by the overall industry outlook, as empirical research indicates a strong correlation between near-term stock movements and earnings estimate revisions [5]

GE HealthCare (GEHC) reported better-than-expected fourth-quarter profit on Thursday, while sales were in line with analysts' estimates. The medical device maker reported adjusted earnings per share (EPS) of $1.45 on revenue of $5.32 billion. Analysts polled by Visible Alpha expected $1.26 and $5.32 billion, respectively. GE HealthCare shares, which entered the day up about 3% over the last 12 months, were little changed immediately following the report. The company said it expects year-over-year organic r ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) GE HealthCare is a leading global provider of medical technology and diagnostics, operating in four key segments - GE HealthCare is a leading global healthcare solutions provider with approximately **53,000 employees**, operating in over **160 countries**[17](index=17&type=chunk)[19](index=19&type=chunk) - The company is organized into four business segments: **Imaging**, **Advanced Visualization Solutions (AVS)**, **Patient Care Solutions (PCS)**, and **Pharmaceutical Diagnostics (PDx)**[19](index=19&type=chunk) - Effective July 1, 2024, the **Image Guided Therapies (IGT)** unit was realigned from the Imaging segment to the newly renamed Advanced Visualization Solutions segment[22](index=22&type=chunk) - Primary global competitors include **Siemens Healthineers**, **Philips Healthcare**, **Canon**, **Mindray**, and **United Imaging**, with **Bayer**, **Bracco**, **Guerbet**, and **Curium** as key competitors in the PDx segment[45](index=45&type=chunk) [Our Segments](index=5&type=section&id=Our%20Segments) The company's operations are structured into four key segments, offering diverse medical devices, solutions, and diagnostics - **Imaging:** Provides scanning devices and solutions across five product lines: Molecular Imaging (MI), Computed Tomography (CT), Magnetic Resonance (MR), Women's Health, and X-ray[23](index=23&type=chunk)[24](index=24&type=chunk) - **Advanced Visualization Solutions (AVS):** Focuses on ultrasound, image-guided therapies, and interventional solutions, serving areas like Specialized Ultrasound and Procedural Guidance[27](index=27&type=chunk)[28](index=28&type=chunk) - **Patient Care Solutions (PCS):** Offers a broad portfolio for patient monitoring, diagnostic cardiology, maternal infant care, and anesthesia, complemented by consumables and digital solutions[32](index=32&type=chunk)[33](index=33&type=chunk) - **Pharmaceutical Diagnostics (PDx):** A leading supplier of contrast media and radiopharmaceuticals used in conjunction with imaging modalities like CT, MR, and PET scans[35](index=35&type=chunk)[37](index=37&type=chunk) [Human Capital](index=12&type=section&id=Human%20Capital) GE HealthCare employs approximately 53,000 people globally, prioritizing workforce health, culture, talent attraction, and retention - The company has a global workforce of approximately **53,000 colleagues**, with the largest concentrations in the **United States (17,000)** and **China (7,000)**[46](index=46&type=chunk)[48](index=48&type=chunk) - Key human capital priorities include protecting workforce health and safety, evolving company culture, attracting and developing talent, and retaining employees with competitive rewards[47](index=47&type=chunk)[52](index=52&type=chunk) [Regulation](index=16&type=section&id=Regulation) The company's operations are subject to stringent global regulations, including medical device, data privacy, and anti-corruption laws - The development, manufacturing, and sale of products are subject to stringent government regulation, with the most significant regions being the **U.S. (FDA)**, **European Union (EMA)**, and **China (NMPA)**[55](index=55&type=chunk)[56](index=56&type=chunk) - The company is subject to a wide range of data privacy laws, including **HIPAA** in the U.S., **GDPR** in the EU, and **China's PIPL & DSL**, governing personal and patient health data[59](index=59&type=chunk)[60](index=60&type=chunk) - Compliance with global healthcare laws is critical, including U.S. federal laws against kickbacks (**AKS**) and false claims (**FCA**), as well as anti-corruption laws like the **FCPA** and **U.K. Bribery Act**[64](index=64&type=chunk)[65](index=65&type=chunk) [Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from intense competition, global instability, supply chain complexities, and regulatory compliance - **Industry and Economic Risks:** The company operates in highly competitive markets and is sensitive to global geopolitical instability, public health crises, and efforts by payers to control healthcare costs[89](index=89&type=chunk)[97](index=97&type=chunk)[104](index=104&type=chunk) - **Business and Operational Risks:** Challenges include managing the supply chain for key materials, integrating strategic acquisitions, mitigating cybersecurity threats, and protecting intellectual property[119](index=119&type=chunk)[132](index=132&type=chunk)[145](index=145&type=chunk) - **Legal and Regulatory Risks:** The business is tightly regulated by the FDA and global equivalents, facing risks from non-compliance with anti-corruption, anti-kickback, and data privacy laws, and potential product liability claims[164](index=164&type=chunk)[171](index=171&type=chunk)[194](index=194&type=chunk) - **Financing and General Risks:** Risks include managing significant debt obligations, postretirement benefit liabilities, potential conflicts of interest, and the tax-free status of the Spin-Off from GE[159](index=159&type=chunk)[206](index=206&type=chunk)[209](index=209&type=chunk) [Cybersecurity](index=52&type=section&id=Item%201C.%20Cybersecurity) GE HealthCare manages cybersecurity risks through an enterprise risk management program overseen by the Audit Committee - Cybersecurity risk is managed through an enterprise risk management (ERM) program that includes risk identification, mitigation strategies, and incident response plans[222](index=222&type=chunk)[225](index=225&type=chunk) - The Audit Committee of the Board of Directors oversees cybersecurity-related risks and receives regular reports from management, including the Chief Information Officer (CIO) and Chief Information Security Officer (CISO)[228](index=228&type=chunk) - The company's cybersecurity program is measured against the **National Institute of Standards and Technology (NIST) Cyber Security Framework**, and controls and incident response plans are regularly tested[224](index=224&type=chunk) - To date, the company is not aware of any cybersecurity incident that has had or is reasonably likely to have a material impact on its business, operations, or financial condition[227](index=227&type=chunk) [Properties](index=53&type=section&id=Item%202.%20Properties) GE HealthCare operates globally with headquarters in Chicago and over 300 facilities, including 43 manufacturing sites across 17 countries - The company has **43 manufacturing**, assembly, and pharmaceutical production facilities in **17 countries**, with **15** located in the U.S. and **28** located internationally[230](index=230&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=53&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) GE HealthCare's common stock trades on Nasdaq under "GEHC," with 189,289 stockholders and consistent quarterly dividends - The company's common stock is traded on Nasdaq under the symbol "**GEHC**"[233](index=233&type=chunk) - As of February 6, 2025, there were **189,289 stockholders of record**[235](index=235&type=chunk) - Quarterly dividends of **$0.03 per share** were paid for Q1, Q2, and Q3 2024, with **$0.035 per share** declared for Q4 2024[237](index=237&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For FY2024, total revenues grew 1% to $19.7 billion, net income increased 27% to $2.0 billion, and free cash flow was $1.6 billion - Key trends impacting performance include the **Russia-Ukraine conflict**, market developments in **China** (delayed 2024 stimulus and anti-corruption campaign), and **tariffs**[245](index=245&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - As a stand-alone company, GE HealthCare has incurred additional costs for external reporting, internal audit, and other corporate functions, and has instituted new competitive compensation programs[252](index=252&type=chunk)[253](index=253&type=chunk) Key Performance Measures (FY 2024 vs. FY 2023) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $19,672M | $19,552M | 1% | | Operating Income | $2,625M | $2,435M | 8% | | Net Income Attributable to GE HealthCare | $1,993M | $1,568M | 27% | | Adjusted EBIT* | $3,211M | $2,956M | 9% | | Adjusted Net Income* | $2,060M | $1,797M | 15% | | Free Cash Flow* | $1,554M | $1,715M | (9)% | [Results of Operations](index=60&type=section&id=Results%20of%20Operations) In 2024, total revenues increased 1% to $19.7 billion, operating income rose 8% to $2.6 billion, and net income grew 27% to $2.0 billion Revenues by Segment (2024 vs. 2023) | Segment | 2024 Revenues | 2023 Revenues | % Change | | :--- | :--- | :--- | :--- | | Imaging | $8,855M | $8,944M | (1)% | | AVS | $5,131M | $5,094M | 1% | | PCS | $3,125M | $3,142M | (1)% | | PDx | $2,508M | $2,306M | 9% | | **Total** | **$19,672M** | **$19,552M** | **1%** | Revenues by Region (2024 vs. 2023) | Region | 2024 Revenues | 2023 Revenues | % Change | | :--- | :--- | :--- | :--- | | USCAN | $8,981M | $8,551M | 5% | | EMEA | $5,051M | $5,058M | 0% | | China region | $2,360M | $2,785M | (15)% | | Rest of World | $3,280M | $3,158M | 4% | | **Total** | **$19,672M** | **$19,552M** | **1%** | - Operating income for 2024 increased by **$190 million**, driven by a **$283 million** increase in gross profit from cost productivity and pricing, partially offset by a **$106 million** increase in R&D investments[264](index=264&type=chunk)[267](index=267&type=chunk) - Net income attributable to GE HealthCare for 2024 increased by **$425 million**, benefiting from higher operating income, lower interest charges, and a **$212 million** decrease in the provision for income taxes[265](index=265&type=chunk) [Results of Operations – Segments](index=66&type=section&id=Results%20of%20Operations%20%E2%80%93%20Segments) In 2024, Imaging EBIT grew 17% and PDx EBIT grew 27%, while AVS and PCS EBIT declined due to inflation and investments Segment EBIT (2024 vs. 2023) | Segment | 2024 EBIT | 2023 EBIT | % Change | | :--- | :--- | :--- | :--- | | Imaging | $962M | $821M | 17% | | AVS | $1,118M | $1,124M | (1)% | | PCS | $347M | $383M | (9)% | | PDx | $783M | $617M | 27% | [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2024, the company held $2.9 billion in cash, $3.5 billion in credit facilities, and reduced total debt to $9.0 billion Cash Flow Summary (in millions) | Cash Flow Activity | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Operating Activities | $1,955 | $2,101 | $2,134 | | Investing Activities | $(914) | $(558) | $(398) | | Financing Activities | $(573) | $(478) | $(822) | | **Free Cash Flow*** | **$1,554** | **$1,715** | **$1,828** | - Total debt decreased from **$9.44 billion** in 2023 to **$8.95 billion** in 2024, primarily due to repayments on the Term Loan Facility[316](index=316&type=chunk) - The company maintains investment-grade credit ratings: **Baa2 (Stable)** from Moody's, **BBB (Stable)** from S&P, and **BBB (Stable)** from Fitch[324](index=324&type=chunk) [Critical Accounting Estimates](index=81&type=section&id=Critical%20Accounting%20Estimates) Management identifies critical accounting estimates including revenue recognition, business combinations, postretirement benefits, and income taxes - Key critical accounting estimates include **Revenue Recognition**, **Business Combination Related Measurements**, **Pension and Other Postretirement Benefits**, and **Income Taxes**[326](index=326&type=chunk) - For pension benefits, a **50 basis point change** in the discount rate would impact the 2024 PBO/APBO by approximately **-$1.0 billion (increase)** or **+$1.1 billion (decrease)**[336](index=336&type=chunk) - The company's determination of valuation allowances for deferred tax assets involves significant judgment regarding future taxable income[344](index=344&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=85&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from foreign currency, interest rates, commodity prices, and equity prices using derivative contracts - Primary market risks include **foreign currency exchange rates** (principally Euro, Chinese Renminbi, Japanese Yen), **interest rates**, **commodity prices**, and **equity prices**[347](index=347&type=chunk)[348](index=348&type=chunk) - A hypothetical **100 basis point change** in interest rates would change annual interest expense by approximately **$35 million**[354](index=354&type=chunk) - The company has executed interest rate swaps to synthetically convert **$2,700 million** of its fixed-rate senior unsecured notes to variable rates[355](index=355&type=chunk) - Commodity risk exists for raw materials such as **helium**, **iodine**, and **rare earth minerals**, with worldwide demand and pricing being volatile[356](index=356&type=chunk) [Financial Statements and Supplementary Data](index=87&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2022-2024, along with the independent auditor's report - The independent auditor, **Deloitte & Touche LLP**, issued an unqualified opinion on the financial statements and the effectiveness of internal control over financial reporting[364](index=364&type=chunk)[374](index=374&type=chunk) - The critical audit matter identified by the auditor was related to the valuation allowance on deferred tax assets, which required subjective judgment regarding the projection of future taxable income[368](index=368&type=chunk)[369](index=369&type=chunk)[370](index=370&type=chunk) [Note 1. Organization and Basis of Presentation](index=101&type=section&id=Note%201.%20Organization%20and%20Basis%20of%20Presentation) GE HealthCare became an independent public company on January 3, 2023, following its spin-off from General Electric - The spin-off from GE was completed on **January 3, 2023**, making GE HealthCare an independent public company[392](index=392&type=chunk) - Financial statements for the year ended December 31, 2022, were prepared on a combined, carve-out basis from GE's accounting records[396](index=396&type=chunk) [Note 4. Segment and Geographical Information](index=120&type=section&id=Note%204.%20Segment%20and%20Geographical%20Information) The company reports revenues across four segments, with Imaging as the largest, and geographically, the United States is the primary market Total Revenues by Segment (in millions) | Segment | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Imaging | $8,855 | $8,944 | $8,395 | | AVS | $5,131 | $5,094 | $5,012 | | PCS | $3,125 | $3,142 | $2,916 | | PDx | $2,508 | $2,306 | $1,958 | | **Total** | **$19,672** | **$19,552** | **$18,341** | Total Revenues by Country (in millions) | Country | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | United States | $8,617 | $8,228 | $7,819 | | China | $2,135 | $2,560 | $2,325 | | All other countries | $8,919 | $8,764 | $8,197 | | **Total** | **$19,672** | **$19,552** | **$18,341** | [Note 8. Acquisitions, Goodwill, and Other Intangible Assets](index=127&type=section&id=Note%208.%20Acquisitions%2C%20Goodwill%2C%20and%20Other%20Intangible%20Assets) In 2024, the company acquired MIM Software for $283 million, resulting in $194 million of goodwill, with total goodwill at $13.1 billion - On April 1, 2024, the company acquired **MIM Software** for a total preliminary purchase price of **$283 million**, resulting in **$194 million of goodwill**[522](index=522&type=chunk) - As of December 31, 2024, the company had goodwill of **$13.1 billion** and other net intangible assets of **$1.1 billion**[527](index=527&type=chunk)[529](index=529&type=chunk) [Note 9. Borrowings](index=131&type=section&id=Note%209.%20Borrowings) As of December 31, 2024, total borrowings decreased to $9.0 billion, comprising senior unsecured notes and a term loan facility Borrowings Composition (as of Dec 31, 2024) | Instrument | Principal Amount | | :--- | :--- | | 5.600% senior notes due 2025 | $1,500M | | 5.650% senior notes due 2027 | $1,750M | | 4.800% senior notes due 2029 | $1,000M | | 5.857% senior notes due 2030 | $1,250M | | 5.905% senior notes due 2032 | $1,750M | | 6.377% senior notes due 2052 | $1,000M | | Floating rate Term Loan Facility due 2026 | $750M | | **Total Principal Debt** | **$9,036M** | - The company has access to a **$2.5 billion five-year revolving credit facility** and a **$1.0 billion 364-day revolving credit facility**, with no outstanding borrowings on either as of year-end 2024[537](index=537&type=chunk)[538](index=538&type=chunk) [Note 10. Postretirement Benefit Plans](index=133&type=section&id=Note%2010.%20Postretirement%20Benefit%20Plans) GE HealthCare assumed significant pension and postretirement obligations from GE, with a total plan deficit of $4.6 billion as of year-end 2024 Total Postretirement Plan Funded Status (as of Dec 31, 2024) | Plan Type | Projected Benefit Obligations | Fair Value of Plan Assets | Funded Status (Deficit) | | :--- | :--- | :--- | :--- | | U.S. Plans | $18,241M | $14,378M | $(3,863)M | | International Plans | $2,957M | $3,276M | $319M | | OPEB Plans | $1,016M | $— | $(1,016)M | | **Total** | **$22,214M** | **$17,654M** | **$(4,561)M** | - The company assumed pension and other postretirement obligations from GE on **January 1, 2023**, as part of the Spin-Off[547](index=547&type=chunk) - The company expects to make total cash contributions of approximately **$327 million** to its postretirement plans in 2025[556](index=556&type=chunk) [Note 11. Income Taxes](index=145&type=section&id=Note%2011.%20Income%20Taxes) For 2024, the effective tax rate decreased to 20.6% due to a valuation allowance release, with $551 million in unrecognized tax benefits Income Tax Reconciliation | Item | 2024 | 2023 | | :--- | :--- | :--- | | Income before taxes | $2,581M | $2,361M | | Provision for income taxes | $531M | $743M | | **Effective tax rate** | **20.6%** | **31.5%** | - The valuation allowance on deferred tax assets decreased by **$310 million** in 2024, primarily due to a **$295 million** release of the valuation allowance in France[596](index=596&type=chunk) - The balance of unrecognized tax benefits was **$551 million** as of December 31, 2024, an increase from **$409 million** in 2023, largely due to reserves established for ongoing audits[589](index=589&type=chunk) [Note 14. Commitments, Guarantees, Product Warranties, and Other Loss Contingencies](index=160&type=section&id=Note%2014.%20Commitments%2C%20Guarantees%2C%20Product%20Warranties%2C%20and%20Other%20Loss%20Contingencies) The company is involved in legal proceedings, including potential FCPA violations, and manages product warranty and asset retirement obligations - The company made voluntary self-disclosures to the **SEC** and **DOJ** regarding potential **FCPA violations in China** and is engaged in ongoing discussions with the agencies[646](index=646&type=chunk) - The product warranty liability balance was **$168 million** as of December 31, 2024, down from **$192 million** at the end of 2023[643](index=643&type=chunk) - Asset retirement obligations, primarily for nuclear decommissioning, totaled **$292 million** as of December 31, 2024[648](index=648&type=chunk) [Controls and Procedures](index=174&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024 - Management concluded that disclosure controls and procedures were effective as of December 31, 2024[701](index=701&type=chunk) - Management's assessment concluded that internal control over financial reporting was effective as of December 31, 2024, which was also audited by **Deloitte & Touche LLP**[702](index=702&type=chunk)[703](index=703&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=176&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the definitive proxy statement - Required information is incorporated by reference to the company's definitive proxy statement[708](index=708&type=chunk) [Executive Compensation](index=176&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive proxy statement - Required information is incorporated by reference to the company's definitive proxy statement[709](index=709&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=176&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's definitive proxy statement - Required information is incorporated by reference to the company's definitive proxy statement[710](index=710&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=176&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the company's definitive proxy statement - Required information is incorporated by reference to the company's definitive proxy statement[711](index=711&type=chunk) [Principal Accountant Fees and Services](index=176&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's definitive proxy statement - Required information is incorporated by reference to the company's definitive proxy statement[712](index=712&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=176&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements and exhibits, noting the omission of certain schedules as information is already provided - Financial statement schedules required by Regulation S-X are omitted because they are not applicable or the information is included in the financial statements or notes[714](index=714&type=chunk) - A comprehensive list of exhibits is provided, including the Separation and Distribution Agreement with GE, the company's Certificate of Incorporation and Bylaws, various debt indentures, and numerous management compensation plans and agreements[715](index=715&type=chunk)[717](index=717&type=chunk)[720](index=720&type=chunk) [Form 10-K Summary](index=180&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has elected not to voluntarily include a summary of the information required by Form 10-K under this item - The Company has elected not to include a summary of the Form 10-K[719](index=719&type=chunk)