GE HealthCare Technologies Inc. reported its financial results for the three and nine months ended September 30, 2024, showing modest growth in total revenues and significant improvements in profitability compared to the same periods in 2023. Total revenues for Q3 2024 reached $4,863 million, a 1% increase from $4,822 million in Q3 2023. For the nine-month period, revenues were $14,353 million, slightly up from $14,346 million in the prior year.
Product sales for Q3 2024 were $3,201 million, a slight increase from $3,186 million in Q3 2023, while service sales rose by 2% or $26 million, primarily due to increased pricing. The Imaging segment reported revenues of $2,229 million, flat compared to the previous year, while the Advanced Visualization Solutions (AVS) segment also remained stable at $1,216 million. The Patient Care Solutions (PCS) segment grew by 2% to $779 million, and the Pharmaceutical Diagnostics (PDx) segment saw a 6% increase to $625 million.
Profitability metrics improved significantly, with net income attributable to GE HealthCare for Q3 2024 at $470 million, up 25% from $375 million in Q3 2023. Earnings per share from continuing operations increased to $1.03 from $0.83. For the nine months ended September 30, 2024, net income attributable to GE HealthCare was $1,272 million, a 9% increase from $1,165 million in the same period last year.
The company’s gross profit for Q3 2024 was $2,026 million, up from $1,935 million in Q3 2023, while operating income increased to $676 million from $617 million. Adjusted EBIT for the quarter rose to $795 million, a 7% increase year-over-year.
On the balance sheet, cash, cash equivalents, and restricted cash totaled $3,568 million as of September 30, 2024, up from $2,504 million at the end of 2023. Total assets increased to $33,855 million, while total equity attributable to GE HealthCare rose to $8,317 million from $7,133 million at year-end 2023.
Strategically, GE HealthCare completed the acquisition of MIM Software Inc. for approximately $259 million in April 2024, which is expected to enhance its portfolio. The company also underwent a segment realignment effective July 1, 2024, moving Image Guided Therapies to the AVS segment.
The company continues to navigate challenges in the China market due to an anti-corruption campaign and anticipates temporary delays in orders. Additionally, GE HealthCare is involved in various legal proceedings, including a significant case related to contracts with the Iraqi Ministry of Health.
Overall, GE HealthCare's financial performance reflects a stable growth trajectory, bolstered by strategic acquisitions and segment realignments, despite facing external market pressures.
About GE HealthCare Technologies Inc.
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