GE HealthCare Reports Preliminary Q4 2022 Organic Revenue Growth of 12% and Full-Year Revenue of $18.3 Billion

According to the preliminary results, GE Healthcare (GEHC.US) announced that its fourth-quarter revenue increased by approximately 7% year-over-year to US$4.9 billion, with organic revenue growth of about 12%.

Full-year 2022 revenue increased by approximately 4% year-over-year to about $18.3 billion, with full-year organic revenue growing by approximately 7%. The company stated that the adjusted EBIT for the full year of 2022 is expected to be higher than anticipated, and free cash flow will be near the lower end of the range provided at the GE (GE.US) and GE Healthcare Investor Day on December 8.

President and CEO Peter Arduini stated, "We achieved strong year-over-year revenue growth in the fourth quarter and for the full year, reflecting robust customer demand, backlog fulfillment, and improved pricing. While inflation remains a factor, we are seeing continued improvement in the supply chain environment, and demand for our products and services is expected to grow throughout 2023."

Looking ahead to 2023, GE Healthcare expects organic revenue to increase by 5% to 7% year-over-year. The adjusted EBIT margin is projected to be between 15.0% and 15.5%, representing an expansion of 50 to 100 basis points compared to the estimated adjusted EBIT margin for 2022. The company anticipates a free cash flow conversion rate of over 85%.