GE HealthCare Announces Preliminary Fourth Quarter and Full Year 2022 Revenue Results; Introduces 2023 Outlook

Original from: businesswire

GE HealthCare, a leader in precision care innovation, today announced preliminary unaudited revenue results for the fourth quarter and full year 2022. The Company also issued Organic revenue growth, Adjusted EBIT margin, and Free cash flow conversion guidance for 2023. President and Chief Executive Officer Peter Arduini and Chief Financial Officer Helmut Zodl will comment on these results at the 41st Annual J.P. Morgan Healthcare Conference today in San Francisco.

Mr. Arduini said, “We delivered strong year-over-year revenue growth in the fourth quarter and full year, reflecting robust customer demand, backlog fulfillment, and improved pricing. While inflation remains a factor, we are seeing the supply chain environment continue to improve with demand for our products and services growing in 2023. We are also pleased to provide our financial outlook for 2023, reflecting continued growth as we execute on our strategic plan. As we look ahead, we see significant opportunities to innovate and solve some of the most significant clinical challenges with our precision care strategy.”

Preliminary Fourth Quarter 2022 Results

Fourth quarter 2022 revenue was approximately $4.9 billion. Revenue growth for the quarter was approximately 7% year over year. Organic revenue growth* for the quarter was approximately 12% year over year. Unless stated otherwise, all numbers within this press release are presented on a GEHC basis.

Preliminary Full Year 2022 Results

Full year 2022 revenue was approximately $18.3 billion. Revenue growth for the full year 2022 was approximately 4% year over year. Organic revenue growth* for the full year 2022 was approximately 7% year over year.

The Company expects to deliver full year 2022 Adjusted EBIT* above outlook and Free cash flow* towards the low end of the range provided at GE HealthCare’s December 8 Investor Day on both a GE and GEHC basis.

2023 Outlook

The Company expects full year 2023 results as follows:

1. Organic revenue growth in the range of 5% to 7% year over year.

2. Adjusted EBIT margin* of 15.0% to 15.5%, reflecting an expansion of 50 basis points to 100 basis points versus its 2022 Pro forma Adjusted EBIT margin.

3. Free cash flow conversion* of 85%+.

The Company provides its outlook on a non-GAAP basis. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.

GE HealthCare will report fourth quarter and full year 2022 results on January 30, 2023, followed by a conference call at 8:00 am ET.

Source: GE HealthCare Announces Preliminary Fourth Quarter and Full Year 2022 Revenue Results; Introduces 2023 Outlook