GE HealthCare Technologies' shares rose on Wednesday after the company issued preliminary results for the fourth quarter and forecast continued organic revenue growth in the year ahead.
The company, which completed its spin-off from General Electric (NYSE:GE) last week, said it expects 2023 organic revenue to grow by 5% to 7% from 2022 levels. In 2022, organic revenue grew by about 7%, the company said.
Fourth quarter 2022 revenue was approximately $4.9 billion, up 7% year-on-year, taking full-year revenue to around US$18.3 billion, up 4% on the previous year. Organic revenue growth for the quarter was approximately 12% year-over-year giving the 7% total for the year.
READ: General Electric completes spin-off of GE HealthCare as it starts trading on Nasdaq
The group said it expects to deliver full-year 2022 adjusted EBIT above outlook and free cash flow towards the low end of the range provided in December when it reports full-year 2022 results on January 30, 2023.
President and CEO, Peter 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.”
“As we look ahead, we see significant opportunities to innovate and solve some of the most significant clinical challenges with our precision care strategy."
The news sent the stock higher with shares advancing 8.3% to US$64.99 as trading moved towards the end of the day, leaving it on track to set a record close, beating the high of $60.49 set on January 4, its first day of trading.
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