GE HealthCare Technologies (GEHC)2023-10-30 16:00Revenue Performance - Total revenues for Q3 2023 were $4,822 million, a 5% increase from $4,576 million in Q3 2022, with organic growth of 6%[161]. - For the nine months ended September 30, 2023, total revenues were $14,346 million, a 7% increase from $13,403 million in the same period of 2022, with organic growth of 9%[164]. - EMEA region revenues grew by 9% to $1,249 million in Q3 2023, driven by increases in Imaging, PDx, and PCS revenues[160]. - The China region saw revenues of $719 million, an 8% increase from $668 million in Q3 2022, despite unfavorable foreign currency impacts[160]. - Total revenues for the three months ended September 30, 2023, were $4,822 million, a 5% increase from $4,576 million in the same period of 2022[187]. Segment Performance - Product sales increased by 6% to $3,186 million in Q3 2023, driven by growth in Imaging, Pharmaceutical Diagnostics (PDx), and Patient Care Solutions (PCS)[156]. - Imaging segment revenues reached $2,635 million, growing 5% year-over-year, supported by improvements in supply chain fulfillment and new product introductions[162]. - The Ultrasound segment reported revenues of $815 million, a slight decline of 1% from $823 million in Q3 2022, primarily due to prior year supply chain improvements[162]. - Imaging segment revenues were $7,751 million, growing 7% or $475 million, with organic revenue growth of 9% driven by MI/CT and MR product lines[1]. - Ultrasound segment revenues were $2,513 million, growing 2% or $47 million, with organic revenue growth of 4% primarily due to new product introductions[1]. - PCS segment revenues were $2,315 million, growing 9% or $185 million, with organic revenue growth of 10% across all product lines[1]. - PDx segment revenues were $1,715 million, growing 15% or $230 million, with organic revenue growth of 17% driven by improved demand[1]. Income and Expenses - Net income attributable to GE HealthCare for Q3 2023 was $375 million, down from $487 million in Q3 2022, reflecting a decrease of 23%[156]. - Operating income for Q3 2023 was $617 million, a 2% increase from $605 million in Q3 2022, but a decrease of 40 basis points as a percentage of total revenues[167]. - Total operating expenses increased by $150 million, with SG&A expenses rising by $88 million and R&D investments increasing by $62 million[169]. - Adjusted net income for the nine months ended September 30, 2023, was $1,258 million, a decrease of 17% from $1,507 million in the prior year[173]. - Adjusted net income for the three months ended September 30, 2023, was $451 million, a 17% decrease from $546 million in 2022[193]. Cash Flow and Debt - Free cash flow for the nine months ended September 30, 2023, was $759 million, a decrease of 10% compared to $841 million for the same period in 2022[198]. - Cash from operating activities for the nine months ended September 30, 2023, was $1,051 million, slightly down 1.9% from $1,071 million in 2022[203]. - Total debt as of September 30, 2023, was $10,260 million, an increase from $8,250 million as of December 31, 2022[216]. - Cash, cash equivalents, and restricted cash balance as of September 30, 2023, was $2,418 million, with access to revolving credit facilities totaling $3,500 million[199]. - Cash generated from financing activities was $422 million for the nine months ended September 30, 2023, compared to cash used of $785 million in 2022[209]. Research and Development - Research and development expenses increased to $322 million in Q3 2023, compared to $260 million in Q3 2022, marking a 24% rise[156]. - The company acquired Caption Health, an AI company, for $147 million, enhancing its capabilities in AI-guided ultrasound screening[207]. Earnings Per Share - Adjusted earnings per share for Q3 2023 was $0.99, down 17.5% from $1.20 in Q3 2022, and for the nine months ended September 30, 2023, it was $2.75, down 17.2% from $3.32 in the same period of 2022[195].