附件99
GE Healthcare報告2024年第三季度財務業績
•營業收入增長率同比增長1％；有機營業收入增長率*爲1％
•淨利潤率爲9.7%，上年爲7.8%；利息和稅調整後淨利潤率*爲16.3%，上年爲15.4%。
•每股收益（EPS）爲1.02美元，較去年的0.83美元有所增加；調整後的EPS*爲1.14美元，而上年爲0.99美元。
•經營活動現金流爲74200萬美元，較上一年的65000萬美元增長；自由現金流爲65100萬美元，較57000萬美元增長。
•公司提高營收 公司繼續執行，將全年2024年調整後的EBIT利潤率和調整後的每股收益的指導範圍調至較低端；有望朝着有機營業收入增長區間的較低端發展。
芝加哥，伊利諾伊州 - 2024年10月30日 - 通用電氣醫療（納斯達克：GEHC）今日報告了截至2024年9月30日的第三季度財務業績。
GE Healthcare總裁兼首席執行官Peter Arduini表示：「在第三季度，我們報告全球銷售額和訂單增長1%。不計入中國，銷售額和訂單均增長中高個位數，在所有板塊中美國表現尤爲強勁。藥品診斷業績也表現出色，受健康程序量推動。組織範圍內持續進行的精益倡議爲患者和客戶提供更大價值，導致利潤率穩健擴張。」
2024年第三季度公司整體財務業績
•49億美元的營業收入增加了 依據報告和有機*基礎，同比增長了1%。美國和藥品診斷（PDx）領域的營業收入增長爲正，但中國市場繼續疲軟。在藥品診斷（PDx）領域和美國實現了營業收入增長，但受到中國市場持續疲軟的影響。
•整體公司的訂單金額比爲1.04倍。整體公司任何訂單有機增長1％，同比增長。
•GE HealthCare歸屬於的淨利潤爲47000萬美元，而上一年爲37500萬美元，調整後的EBIT爲79500萬美元，而去年爲74400萬美元。
•淨利潤率爲9.7%，較上一年的7.8%提高了190個點子（bps）。調整後的EBIt利潤率爲16.3%，較15.4%提高了90個點子，兩項指標均受益於生產力和價格的提升。
•攤薄後每股收益爲1.02美元，比去年的0.83美元增加了0.20美元。調整後每股收益爲1.14美元，比去年的0.99美元增加了0.15美元，因爲這兩項指標都看到了EBIt的改善和較低的稅費支出。
•經營活動產生的現金流爲74200萬美元，同比增長9200萬美元。自由現金流爲65100萬美元，同比增長8100萬美元。
* 非通用會計準則財務指標。
1
2024年第三季度分部財務業績 (未經審計)
2024年7月1日生效，圖像引導治療業務，之前隸屬於影像業務板塊，已調整爲超聲波業務板塊，以更好地匹配其臨床使用，並通過在正確的護理環境中提供正確的圖像指導，實現更強大的業務和客戶影響。隨後，超聲波業務板塊更名爲愛文思控股解決方案（AVS）。此處呈現的歷史業務板塊財務信息已重組以符合新的可報告業務板塊結構。公司通過今天向美國證券交易所提交的第8-K表格提供了截至2022年、2023年財政年度及2024年上半年的重組財務信息。
部分 （單位：百萬美元） | 圖像處理 | 愛文思控股可視化解決方案 | 病人護理解決方案 | 藥品 診斷 | ||||||||||
| 其他 | $2,229 | $1,216 | $779 | $625 | ||||||||||
同比百分比變化 | —% | —% | 2% | 6% | ||||||||||
同比百分比有機*變化 | (1)% | —% | 2% | 7% | ||||||||||
| 部門息稅前利潤 | $287 | $232 | $82 | $193 | ||||||||||
同比百分比變化 | 18% | (9)% | 3% | 16% | ||||||||||
| 部門EBIT利潤率 | 12.9% | 19.0% | 10.6% | 30.9% | ||||||||||
同比變化 | 200個點子 | -（190）點子 | 10 個點子 | 270個點子 | ||||||||||
YoY指的是按照重新調整基準進行的同比比較。
成長和創新
阿杜尼先生繼續表示：「最近FDA在美國批准我們的Flyrcado™（flurpiridaz F18）注射劑，這是分子影像學的重要時刻，我們將繼續解決未滿足的患者需求，推動更精確、個性化的護理。Flyrcado是首款PEt心肌灌注成像（MPI）試劑，用於檢測冠狀動脈疾病。這一里程碑式的成就有望拓展PEt MPI的臨床和患者獲取。」
最近的創新和商業亮點
•GE健康保健宣佈成立人工智能創新實驗室，展示五個新的研究項目
•GE HealthCare宣佈推出CareIntellect for Oncology，利用人工智能爲臨床醫生提供一種簡單的方式，以單一視圖查看患者旅程。
•GE醫療在法國揭幕其首條CT掃描儀生產線，並宣佈在蒙塔吉斯醫院中心安裝的第一臺法國製造的掃描儀
•歐洲的一家新的療效診斷中心：GE醫療和埃森大學醫學合作推動療效診斷和個性化醫療
•GE Healthcare在新聯盟中發揮關鍵作用，推動歐洲患者癌症護理革新，推進精準醫療。
•GE Healthcare的MIm軟件宣佈獲得FDA對Theranostics的Monte Carlo劑量測定的清關。
•GE醫療宣佈FDA批准Flyrcado注射劑PEt放射示蹤劑，用於增強冠心病診斷
•GE Healthcare在ASTRO 2024展示最新的人工智能增強的放射治療解決方案
•GE HealthCare推出升級的Venue點對點超聲解決方案和基於平板電腦的Venue Sprint
•GE HealthCare的MIm軟件宣佈新的Centiloid縮放工具已獲得FDA的批准，可用於定量腦成像中的澱粉樣斑塊。
•臨床研究表明，定位末梢控制麻醉遞送改善效率和準確性，有助於優化患者護理
* 非通用會計原則財務指標。
2
2024年度指導原則
公司更新2024年全年指引如下：
•有機營業收入增長*在1%到2%的年度區間內趨於下限，考慮到持續的中國市場疲軟
•調整後的EBIt利潤率在15.8%至16.0%的區間內，較2023年15.1%的調整後EBIt利潤率擴大了70至90個點子；這與先前的指導15.7%到16.0%相比
•調整後的有效稅率(ETR)*趨向於23%至25%區間的較低端，考慮到2024年第三季度認可的額外稅收激勵
•調整後的每股收益在$4.25至$4.35的區間內，相比於2023年的調整後的每股收益$3.93增長了8%至11%；這與之前的區間$4.20至$4.35相比。
•自由現金流約爲18億美元
公司提供其展望。根據非通用會計準則。請參考下面展望部分的非通用財務措施，獲取更多詳細信息。
* 非通用會計原則財務指標。
3
金融四捨五入
由於使用了四捨五入的數字，本文檔中的某些列和行可能不總和。所示百分比是由基礎整美元金額計算而來。
壓縮綜合收益陳述表（未經審計） | |||||||||||||||||
| 截至9月30日的三個月 | 截至9月30日止九個月 | ||||||||||||||||
| （以百萬爲單位，每股數據除外） | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 產品銷售額 | $ | 3,201 | $ | 3,186 | $ | 9,454 | $ | 9,530 | |||||||||
| 服務銷售額 | 1,662 | 1,636 | 4,899 | 4,816 | |||||||||||||
| 總收入 | 4,863 | 4,822 | 14,353 | 14,346 | |||||||||||||
| 產品成本 | 2,033 | 2,076 | 6,045 | 6,197 | |||||||||||||
| 服務成本 | 805 | 811 | 2,378 | 2,383 | |||||||||||||
| 毛利潤 | 2,026 | 1,935 | 5,930 | 5,766 | |||||||||||||
| 銷售、總務和管理費用 | 1,034 | 996 | 3,139 | 3,130 | |||||||||||||
| 研發 | 316 | 322 | 967 | 890 | |||||||||||||
| 營業費用總計 | 1,350 | 1,318 | 4,106 | 4,020 | |||||||||||||
營業利潤 | 676 | 617 | 1,824 | 1,746 | |||||||||||||
| 利息和其他財務費用-淨額 | 130 | 138 | 383 | 411 | |||||||||||||
| 非經營性利益（收益）成本 | (102) | (94) | (306) | (332) | |||||||||||||
| 其他（收入）費用 - 淨額 | (9) | (63) | (1) | (85) | |||||||||||||
| 未來營業收入淨額 | 658 | 636 | 1,747 | 1,752 | |||||||||||||
| 所得稅利益(費用) | (168) | (250) | (435) | (550) | |||||||||||||
| 持續經營活動的淨利潤 | 490 | 386 | 1,312 | 1,202 | |||||||||||||
已終止經營業務的收入（虧損），稅後淨額 | — | (4) | — | (4) | |||||||||||||
| 淨收入 | 490 | 382 | 1,312 | 1,198 | |||||||||||||
淨利潤歸屬於非控股權益的損失 | (19) | (7) | (40) | (33) | |||||||||||||
| 歸屬GE Healthcare的淨利潤 | 470 | 375 | 1,272 | 1,165 | |||||||||||||
| 視作可贖回非控制權益的優先股股利 | — | — | — | (183) | |||||||||||||
| 淨利潤歸屬於GE HealthCare普通股東 | $ | 470 | $ | 375 | $ | 1,272 | $ | 982 | |||||||||
| 來自GE HealthCare普通股東持續經營的每股收益： | |||||||||||||||||
| 基本 | $ | 1.03 | $ | 0.83 | $ | 2.79 | $ | 2.17 | |||||||||
| 稀釋的 | 1.02 | 0.83 | 2.77 | 2.16 | |||||||||||||
| 歸屬於GE HealthCare普通股東的每股收益： | |||||||||||||||||
| 基本 | $ | 1.03 | $ | 0.82 | $ | 2.79 | $ | 2.16 | |||||||||
| 稀釋的 | 1.02 | 0.82 | 2.77 | 2.15 | |||||||||||||
| 加權平均外流通股數： | |||||||||||||||||
| 基本 | 457 | 455 | 456 | 455 | |||||||||||||
| 稀釋的 | 459 | 458 | 459 | 458 | |||||||||||||
4
| 簡明綜合資產負債表（未經審計） | ||||||||
| 截至 | ||||||||
| （以百萬爲單位，除每股股份和每股股份之外） | 2024年9月30日 | 2023年12月31日 | ||||||
| 現金、現金等價物和受限制的現金 | $ | 3,568 | $ | 2,504 | ||||
| 應收賬款-減免前值爲104和98美元 | 3,418 | 3,525 | ||||||
| 應收關聯方款項 | 6 | 32 | ||||||
| 存貨 | 2,124 | 1,960 | ||||||
| 合同和其他遞延資產 | 1,046 | 1,000 | ||||||
| 所有板塊中的其他流動資產 | 476 | 389 | ||||||
| 流動資產 | 10,638 | 9,410 | ||||||
| 房屋、工廠和設備 - 淨額 | 2,539 | 2,500 | ||||||
| 商譽 | 13,138 | 12,936 | ||||||
| 其他無形資產 - 淨額 | 1,132 | 1,253 | ||||||
| 延遲所得稅 | 4,309 | 4,474 | ||||||
| 所有其他非流動資產 | 2,098 | 1,881 | ||||||
| 總資產 | $ | 33,855 | $ | 32,454 | ||||
| 短期借款 | $ | 1,007 | $ | 1,006 | ||||
| 應付賬款 | 2,911 | 2,947 | ||||||
| 由於關聯方 | 7 | 99 | ||||||
| 合同負債 | 1,915 | 1,918 | ||||||
| 當前的薪酬和福利 | 1,422 | 1,518 | ||||||
| 所有板塊的其他流動負債 | 1,409 | 1,493 | ||||||
| 流動負債 | 8,670 | 8,981 | ||||||
| 長期借款 | 9,306 | 8,436 | ||||||
| 非流動薪酬和福利 | 5,388 | 5,782 | ||||||
| 延遲所得稅 | 59 | 68 | ||||||
| 所有其他非流動負債 | 1,920 | 1,877 | ||||||
| 負債合計 | 25,343 | 25,144 | ||||||
| 承諾和 contingencies | ||||||||
| 次級債券託管人最初將是初級次級債券的證券註冊人和支付代理人。所有與初級次級債券有關的交易，包括初級次級債券的登記、轉讓和交換，將由證券註冊人在紐約市的一個辦事處處理，該辦事處由NEE Capital指定。NEE Capital最初指定了次級信託銀行的企業信託辦事處作爲該辦事處。此外，持有初級次級債券的持有人應將有關初級次級債券的通知地址寄往該辦事處。NEE Capital將通知初級次級債券的持有人該辦事處的位置變化。 | 177 | 165 | ||||||
| 普通股，每股面值$0.01，1,000,000,000股授權，截至2024年9月30日已發行457,144,443股；截至2023年12月31日已發行455,342,290股 | 5 | 5 | ||||||
| 庫藏股，成本覈算，截至2024年9月30日291,053股，截至2023年12月31日0股 | (25) | — | ||||||
| 額外實收資本 | 6,551 | 6,493 | ||||||
| 保留盈餘 | 2,558 | 1,326 | ||||||
| 累計其他綜合收益（損失）- 淨值 | (771) | (691) | ||||||
| 歸屬於GE醫療的總權益 | 8,317 | 7,133 | ||||||
| 非控制權益 | 18 | 12 | ||||||
| 股東權益總計 | 8,335 | 7,145 | ||||||
| 總負債，可贖回非控股權益和股東權益 | $ | 33,855 | $ | 32,454 | ||||
5
| （未經審計）簡明合併現金流量表 | ||||||||
| 截至9月30日止九個月 | ||||||||
| （以百萬美元爲單位） | 2024 | 2023 | ||||||
| 淨收入 | $ | 1,312 | $ | 1,198 | ||||
| 減：終止經營收入（虧損），稅後淨額 | — | (4) | ||||||
| 持續經營活動的淨利潤 | $ | 1,312 | $ | 1,202 | ||||
| 調整以將持續經營淨利潤調節爲經營活動現金流量（使用） | ||||||||
| 固定資產折舊 | 203 | 188 | ||||||
| 無形資產攤銷 | 237 | 278 | ||||||
| 在未來可變對價公允價值重新測量方面取得收益 | (19) | (17) | ||||||
| 淨週期性退休福利計劃（收益）費用 | (271) | (291) | ||||||
| 退休計劃繳費 | (257) | (259) | ||||||
| 股權酬金 | 92 | 81 | ||||||
| 所得稅費用 | 435 | 550 | ||||||
| 現金支付的所得稅 | (375) | (375) | ||||||
| 除收購影響外，營運資產和負債的變化情況： | ||||||||
| 應收賬款 | 83 | (82) | ||||||
| 應收關聯方款項 | 24 | 9 | ||||||
| 存貨 | (157) | (85) | ||||||
| 合同和其他遞延資產 | (33) | (75) | ||||||
| 應付賬款 | 3 | (93) | ||||||
| 由於關聯方 | (72) | (87) | ||||||
| 合同負債 | (25) | 69 | ||||||
| 當前的薪酬和福利 | (97) | 37 | ||||||
| 所有其他營運活動-淨額 | (41) | 1 | ||||||
| 持續經營活動產生的現金流量淨額 | 1,042 | 1,051 | ||||||
| 現金流量-投資活動 | ||||||||
| 購置固定資產、無形資產和其他長期資產以及內部使用軟件 | (299) | (293) | ||||||
| 固定資產及設備處置 | — | 1 | ||||||
| 企業併購的購買，扣除購買現金 | (259) | (147) | ||||||
| 投資購買 | (33) | (21) | ||||||
| 所有其他投資活動-淨額 | (83) | (10) | ||||||
| 投資活動產生的現金流量淨額 - 繼續經營 | (674) | (470) | ||||||
| 現金流量 - 籌資活動 | ||||||||
| 借款淨增加（償還期限在90天及以下） | — | (9) | ||||||
| 新發行債務淨額（到期日超過90天） | 994 | 2,020 | ||||||
| 償還及其他降低（到期日超過90天） | (162) | (9) | ||||||
分紅派息給股東的款項 | (41) | (28) | ||||||
| 贖回非控制權益 | — | (211) | ||||||
| GE的淨轉移 | — | (1,317) | ||||||
| 員工福利計劃下發行的股票收入 | 31 | 31 | ||||||
| 與股份獎勵淨結算相關的支付的稅額 | (90) | (31) | ||||||
| 所有其他融資活動 - 淨額 | (28) | (24) | ||||||
| 籌資業務現金流量（用於）- 持續經營 | 704 | 422 | ||||||
| 停止經營活動產生的現金流量淨額 | (4) | — | ||||||
| 外幣匯率變動對現金、現金等價物和限制性現金的影響 | (2) | (34) | ||||||
| 現金、現金等價物和受限制的現金的增加（減少） | 1,066 | 969 | ||||||
| 年初現金、現金等價物及受限制的現金餘額 | 2,506 | 1,451 | ||||||
| 截至9月30日的現金、現金等價物和受限現金 | $ | 3,572 | $ | 2,420 | ||||
| 現金流披露的補充信息 | ||||||||
| 年度支付的利息現金 | $ | (339) | $ | (318) | ||||
| 非現金投資活動 | ||||||||
| 已購買但未付款的固定資產 | $ | 72 | $ | 80 | ||||
6
Non-GAAP Financial Measures
The non-GAAP financial measures presented in this press release are supplemental measures of GE HealthCare’s performance and its liquidity that the Company believes will help investors understand its financial condition, cash flows, and operating results, and assess its future prospects. When read in conjunction with the Company’s U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in GE HealthCare’s underlying businesses and can be used by management as one basis for making financial, operational, and planning decisions. Descriptions of the reported non-GAAP measures are included below.
The Company reports Organic revenue and Organic revenue growth rate to provide management and investors with additional understanding and visibility into the underlying revenue trends of the Company’s established, ongoing operations, as well as provide insights into overall demand for its products and services. To calculate these measures, the Company excludes the effect of acquisitions, dispositions, and foreign currency rate fluctuations.
The Company reports EBIT, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income, Adjusted net income margin, and Adjusted earnings per share to provide management and investors with additional understanding of its business by highlighting the results from ongoing operations and the underlying profitability factors, on a normalized basis. To calculate these measures the Company excludes, and reflects in the detailed reconciliations below, the following adjustments as applicable: Interest and other financial charges - net, Net (income) loss attributable to noncontrolling interests, Non-operating benefit (income) costs, Benefit (provision) for income taxes and certain tax related adjustments, and certain non-recurring and/or non-cash items. GE HealthCare may from time to time consider excluding other non-recurring items to enhance comparability between periods. Adjusted EBIT margin and Adjusted net income margin are calculated by taking Adjusted EBIT, or Adjusted net income, divided by Total revenues for the same period.
The Company reports Adjusted tax expense and Adjusted effective tax rate (“Adjusted ETR”) to provide investors with a better understanding of the normalized tax rate applicable to the business and provide more consistent comparability across periods. Adjusted tax expense excludes the income tax related to the pre-tax income adjustments included as part of Adjusted net income and certain income tax adjustments, such as adjustments to deferred tax assets or liabilities. The Company may from time to time consider excluding other non-recurring tax items to enhance comparability between periods. Adjusted ETR is Adjusted tax expense divided by income before income taxes less the pre-tax income adjustments referenced above.
The Company reports Free cash flow and Free cash flow conversion to provide management and investors with an important measure of the ability to generate cash on a normalized basis and provide insight into the Company’s flexibility to allocate capital. Free cash flow is Cash from (used for) operating activities - continuing operations including cash flows related to the additions and dispositions of property, plant, and equipment (“PP&E”) and additions of internal-use software. Free cash flow does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the capital required for debt repayments. Free cash flow conversion is calculated by taking Free cash flow divided by Adjusted net income.
Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes. In order to compensate for the discussed limitations, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. The detailed reconciliations of each non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure are provided below, and no single financial measure should be relied on to evaluate our business.
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Non-GAAP Financial Reconciliations
| Organic Revenue* | |||||||||||||||||||||||
Unaudited | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||||||||||||
($ in millions) | 2024 | 2023 | % change | 2024 | 2023 | % change | |||||||||||||||||
| Imaging revenues | $ | 2,229 | $ | 2,236 | —% | $ | 6,462 | $ | 6,552 | (1)% | |||||||||||||
| Less: Acquisitions(1) | 16 | — | 29 | — | |||||||||||||||||||
| Less: Dispositions(2) | — | — | — | — | |||||||||||||||||||
| Less: Foreign currency exchange | (8) | — | (65) | — | |||||||||||||||||||
| Imaging Organic revenue* | $ | 2,220 | $ | 2,236 | (1)% | $ | 6,497 | $ | 6,552 | (1)% | |||||||||||||
| AVS revenues | $ | 1,216 | $ | 1,214 | —% | $ | 3,692 | $ | 3,712 | (1)% | |||||||||||||
| Less: Acquisitions(1) | — | — | — | — | |||||||||||||||||||
| Less: Dispositions(2) | — | — | — | — | |||||||||||||||||||
| Less: Foreign currency exchange | (2) | — | (22) | — | |||||||||||||||||||
| AVS Organic revenue* | $ | 1,218 | $ | 1,214 | —% | $ | 3,713 | $ | 3,712 | —% | |||||||||||||
| PCS revenues | $ | 779 | $ | 764 | 2% | $ | 2,298 | $ | 2,315 | (1)% | |||||||||||||
| Less: Acquisitions(1) | — | — | — | — | |||||||||||||||||||
| Less: Dispositions(2) | — | — | — | — | |||||||||||||||||||
| Less: Foreign currency exchange | — | — | (4) | — | |||||||||||||||||||
| PCS Organic revenue* | $ | 779 | $ | 764 | 2% | $ | 2,302 | $ | 2,315 | (1)% | |||||||||||||
| PDx revenues | $ | 625 | $ | 589 | 6% | $ | 1,862 | $ | 1,715 | 9% | |||||||||||||
| Less: Acquisitions(1) | — | — | — | — | |||||||||||||||||||
| Less: Dispositions(2) | — | — | — | — | |||||||||||||||||||
| Less: Foreign currency exchange | (5) | — | (13) | — | |||||||||||||||||||
| PDx Organic revenue* | $ | 630 | $ | 589 | 7% | $ | 1,876 | $ | 1,715 | 9% | |||||||||||||
| Other revenues | $ | 15 | $ | 19 | (22)% | $ | 39 | $ | 52 | (25)% | |||||||||||||
| Less: Acquisitions(1) | — | — | — | — | |||||||||||||||||||
| Less: Dispositions(2) | — | — | — | — | |||||||||||||||||||
| Less: Foreign currency exchange | — | — | — | — | |||||||||||||||||||
| Other Organic revenue* | $ | 15 | $ | 19 | (21)% | $ | 39 | $ | 52 | (25)% | |||||||||||||
| Total revenues | $ | 4,863 | $ | 4,822 | 1% | $ | 14,353 | $ | 14,346 | —% | |||||||||||||
| Less: Acquisitions(1) | 16 | — | 29 | — | |||||||||||||||||||
| Less: Dispositions(2) | — | — | — | — | |||||||||||||||||||
| Less: Foreign currency exchange | (15) | — | (104) | — | |||||||||||||||||||
| Organic revenue* | $ | 4,863 | $ | 4,822 | 1% | $ | 14,427 | $ | 14,346 | 1% | |||||||||||||
(1) | Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction. | ||||
(2) | Represents revenues attributable to dispositions for the four quarters preceding the disposition date. | ||||
* Non-GAAP financial measure.
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Adjusted EBIT* | |||||||||||||||||||||||
Unaudited | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||||||||||||
($ in millions) | 2024 | 2023 | % change | 2024 | 2023 | % change | |||||||||||||||||
| Net income attributable to GE HealthCare | $ | 470 | $ | 375 | 25 | % | $ | 1,272 | $ | 1,165 | 9 | % | |||||||||||
| Add: Interest and other financial charges – net | 130 | 138 | 383 | 411 | |||||||||||||||||||
| Add: Non-operating benefit (income) costs | (102) | (94) | (306) | (332) | |||||||||||||||||||
| Less: Benefit (provision) for income taxes | (168) | (250) | (435) | (550) | |||||||||||||||||||
| Less: Income (loss) from discontinued operations, net of taxes | — | (4) | — | (4) | |||||||||||||||||||
| Less: Net (income) loss attributable to noncontrolling interests | (19) | (7) | (40) | (33) | |||||||||||||||||||
| EBIT* | $ | 685 | $ | 680 | 1 | % | $ | 1,825 | $ | 1,831 | — | % | |||||||||||
| Add: Restructuring costs(1) | 22 | 3 | 90 | 34 | |||||||||||||||||||
| Add: Acquisition and disposition-related charges (benefits)(2) | (4) | (14) | (7) | (15) | |||||||||||||||||||
| Add: Spin-Off and separation costs(3) | 56 | 45 | 182 | 175 | |||||||||||||||||||
| Add: (Gain) loss on business and asset dispositions(4) | 1 | — | — | — | |||||||||||||||||||
| Add: Amortization of acquisition-related intangible assets | 34 | 32 | 100 | 95 | |||||||||||||||||||
| Add: Investment revaluation (gain) loss(5) | 1 | (2) | 26 | (1) | |||||||||||||||||||
| Adjusted EBIT* | $ | 795 | $ | 744 | 7 | % | $ | 2,217 | $ | 2,119 | 5 | % | |||||||||||
| Net income margin | 9.7 | % | 7.8 | % | 190 bps | 8.9 | % | 8.1 | % | 70 bps | |||||||||||||
| Adjusted EBIT margin* | 16.3 | % | 15.4 | % | 90 bps | 15.4 | % | 14.8 | % | 70 bps | |||||||||||||
(1) | Consists of severance, facility closures, and other charges associated with restructuring programs. | ||||
(2) | Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions. | ||||
(3) | Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. | ||||
(4) | Consists of gains and losses resulting from the sale of assets and investments. | ||||
(5) | Primarily relates to valuation adjustments for equity investments. | ||||
* Non-GAAP financial measure.
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調整後的淨利潤* | |||||||||||||||||||||||
未經審計 | 截至9月30日的三個月 | 截至9月30日止九個月 | |||||||||||||||||||||
（單位：百萬美元） | 2024 | 2023 | ％變化 | 2024 | 2023 | ％變化 | |||||||||||||||||
| 淨利潤歸屬於GE Healthcare | $ | 470 | $ | 375 | 25 | % | $ | 1,272 | $ | 1,165 | 9 | % | |||||||||||
| 添加：非經營性收益（支出）成本 | (102) | (94) | (306) | (332) | |||||||||||||||||||
| 添加：重組成本(1) | 22 | 3 | 90 | 34 | |||||||||||||||||||
| 添加：收購和處置相關費用（收益）(2) | (4) | (14) | (7) | (15) | |||||||||||||||||||
| 添加：分立和分拆成本(3) | 56 | 45 | 182 | 175 | |||||||||||||||||||
| 添加：業務和資產處置的（利潤）損失(4) | 1 | — | — | — | |||||||||||||||||||
| 添加：收購相關無形資產攤銷 | 34 | 32 | 100 | 95 | |||||||||||||||||||
| 添加：投資重新評估（利潤）損失(5) | 1 | (2) | 26 | (1) | |||||||||||||||||||
| 添加：協調項目的稅收影響(6) | (3) | (4) | (26) | (3) | |||||||||||||||||||
| 加：分拆和其他稅收調整(7) | 46 | 106 | 60 | 136 | |||||||||||||||||||
| 減：終止經營收入（虧損），稅後淨額 | — | (4) | — | (4) | |||||||||||||||||||
| 調整後淨利潤* | $ | 521 | $ | 451 | 16 | % | $ | 1,393 | $ | 1,258 | 11 | % | |||||||||||
| 調整後淨利潤率* | 10.7 | % | 9.4 | % | 140個點子 | 9.7 | % | 8.8 | % | 90個點子 | |||||||||||||
(1) | 包括與重組計劃相關的裁員、設施關閉和其他費用。 | ||||
(2) | 包括法律、諮詢和其他交易和整合費用，以及對待定對價的調整，以及其他購買會計相關費用和與交易直接相關的其他成本。 | ||||
(3) | 包括在與GE分拆和分離期間發生的成本，包括系統實施、審計和諮詢費用、法律實體分離、創始人授予股權獎勵、與GE的分離協議以及其他一次性費用。 | ||||
(4) | 包括出售資產和投資產生的收益和損失。 | ||||
(5) | 主要涉及權益投資的估值調整。 | ||||
(6) | 使用法定稅率計算協調項目的稅收影響，考慮項目的性質和相關的徵稅管轄區。 | ||||
(7) | 包括某些所得稅調整，包括應計對公司某些境外子公司先前期間利潤的遞延稅負、將遞延稅資產和負債調整爲獨立的GE Healthcare稅率、以及稅法變更的影響。截至2024年第三季度，該行還包括之前在協調項目的稅收影響下報告的與GE的分拆和分離導致的離散稅收影響。 | ||||
* Non-GAAP financial measure.
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| Adjusted Earnings Per Share* | |||||||||||||||||||||||
Unaudited | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||||||||||||
| (In dollars, except shares outstanding presented in millions) | 2024 | 2023 | $ change | 2024 | 2023 | $ change | |||||||||||||||||
| Diluted earnings per share – continuing operations | $ | 1.02 | $ | 0.83 | $ | 0.20 | $ | 2.77 | $ | 2.16 | $ | 0.61 | |||||||||||
| Add: Deemed preferred stock dividend of redeemable noncontrolling interest | — | — | — | 0.40 | |||||||||||||||||||
| Add: Non-operating benefit (income) costs | (0.22) | (0.21) | (0.67) | (0.73) | |||||||||||||||||||
| Add: Restructuring costs(1) | 0.05 | 0.01 | 0.20 | 0.07 | |||||||||||||||||||
| Add: Acquisition and disposition-related charges (benefits)(2) | (0.01) | (0.03) | (0.02) | (0.03) | |||||||||||||||||||
| Add: Spin-Off and separation costs(3) | 0.12 | 0.10 | 0.40 | 0.38 | |||||||||||||||||||
| Add: (Gain) loss on business and asset dispositions(4) | 0.00 | — | — | — | |||||||||||||||||||
| Add: Amortization of acquisition-related intangible assets | 0.08 | 0.07 | 0.22 | 0.21 | |||||||||||||||||||
| Add: Investment revaluation (gain) loss(5) | 0.00 | (0.00) | 0.06 | (0.00) | |||||||||||||||||||
| Add: Tax effect of reconciling items(6) | (0.01) | (0.01) | (0.06) | (0.01) | |||||||||||||||||||
| Add: Spin-Off and other tax adjustments(7) | 0.10 | 0.23 | 0.13 | 0.30 | |||||||||||||||||||
| Adjusted earnings per share* | $ | 1.14 | $ | 0.99 | $ | 0.15 | $ | 3.04 | $ | 2.75 | $ | 0.29 | |||||||||||
| Diluted weighted-average shares outstanding | 459 | 458 | 459 | 458 | |||||||||||||||||||
(1) | Consists of severance, facility closures, and other charges associated with restructuring programs. | ||||
(2) | Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions. | ||||
(3) | Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. | ||||
(4) | Consists of gains and losses resulting from the sale of assets and investments. | ||||
(5) | Primarily relates to valuation adjustments for equity investments. | ||||
(6) | The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction. | ||||
(7) | Consists of certain income tax adjustments, including the accrual of a deferred tax liability on the prior period earnings of certain of the Company’s foreign subsidiaries for which the Company is no longer permanently reinvested, the impact of adjusting deferred tax assets and liabilities to stand-alone GE HealthCare tax rates, and the impact of tax legislation changes. As of the third quarter of 2024 this line additionally includes discrete tax impacts resulting from the Spin-Off and separation from GE previously reported under Tax effect of reconciling items. | ||||
* Non-GAAP financial measure.
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| Adjusted Tax Expense* and Adjusted ETR* | |||||||||||||||||
Unaudited | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||||||
($ in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Benefit (provision) for income taxes | $ | (168) | $ | (250) | $ | (435) | $ | (550) | |||||||||
| Add: Tax effect of reconciling items(1) | (3) | (4) | (26) | (3) | |||||||||||||
| Add: Spin-Off and other tax adjustments(2) | 46 | 106 | 60 | 136 | |||||||||||||
| Adjusted tax expense* | $ | (124) | $ | (148) | $ | (401) | $ | (417) | |||||||||
| Effective tax rate | 25.5% | 39.3% | 24.9% | 31.4% | |||||||||||||
| Adjusted effective tax rate* | 18.7% | 24.4% | 21.9% | 24.4% | |||||||||||||
(1) | The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction. | ||||
(2) | Consists of certain income tax adjustments, including the accrual of a deferred tax liability on the prior period earnings of certain of the Company’s foreign subsidiaries for which the Company is no longer permanently reinvested, the impact of adjusting deferred tax assets and liabilities to stand-alone GE HealthCare tax rates, and the impact of tax legislation changes. As of the third quarter of 2024 this line additionally includes discrete tax impacts resulting from the Spin-Off and separation from GE previously reported under Tax effect of reconciling items. | ||||
| Free Cash Flow* | |||||||||||||||||||||||
Unaudited | For the three months ended September 30 | For the nine months ended September 30 | |||||||||||||||||||||
($ in millions) | 2024 | 2023 | % change | 2024 | 2023 | % change | |||||||||||||||||
| Cash from (used for) operating activities – continuing operations | $ | 742 | $ | 650 | 14% | $ | 1,042 | $ | 1,051 | (1)% | |||||||||||||
| Add: Additions to PP&E and internal-use software | (90) | (80) | (299) | (293) | |||||||||||||||||||
| Add: Dispositions of PP&E | — | — | — | 1 | |||||||||||||||||||
| Free cash flow* | $ | 651 | $ | 570 | 14% | $ | 743 | $ | 759 | (2)% | |||||||||||||
Non-GAAP Financial Measures in Outlook
GE HealthCare calculates forward-looking non-GAAP financial measures, including Organic revenue growth, Adjusted EBIT margin, Adjusted ETR, Adjusted EPS, and Free cash flow based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. GE HealthCare does not provide reconciliations of these forward-looking non-GAAP financial measures to the respective GAAP metrics as it is unable to predict with reasonable certainty and without unreasonable effort certain items such as the impact of changes in currency exchange rates, impacts associated with business acquisitions or dispositions, timing and magnitude of restructuring activities, and revaluation of strategic investments, amongst other items. The timing and amounts of these items are uncertain and could have a substantial impact on GE HealthCare’s results in accordance with GAAP.
Key Performance Indicators
Management uses the following metrics to provide a leading indicator of current business demand from customers for products and services.
•Organic orders growth: Rate of change period-over-period of contractual commitments with customers to provide specified goods or services for an agreed upon price, and excluding the effects of: (1) recent acquisitions and dispositions with less than a full year of comparable orders; and (2) foreign currency exchange rate fluctuations in order to present orders on a constant currency basis.
•Book-to-bill: Total orders divided by Total revenues within a given financial period (e.g., quarter or FY).
* Non-GAAP financial measure.
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Conference Call and Webcast Information
GE HealthCare will discuss its results during its live earnings call today, October 30, 2024 at 8:30 am ET/7:30 am CT. The webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website at https://investor.gehealthcare.com/news-events/events. An archived version of the webcast will be available on the website after the call.
Forward-looking Statements
This release contains forward-looking statements. These forward-looking statements might be identified by words, and variations of words, such as “will,” “expect,” “may,” “would,” “could,” “plan,” “believe,” “anticipate,” “intend,” “estimate,” “potential,” “position,” “forecast,” “target,” “guidance,” “outlook,” and similar expressions. These forward-looking statements may include, but are not limited to, statements about our business and expected financial performance, financial condition, and results of operations, including revenue, revenue growth, profit, taxes, earnings per share, and cash flows, and the Company’s outlook; and the Company’s strategy, innovation, and investments. These forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control. Factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include, but are not limited to, operating in highly competitive markets; the Company’s ability to successfully complete strategic transactions; the actions or inactions of third parties with whom the Company partners and the various collaboration, licensing, and other partnerships and alliances the Company has with third parties; demand for the Company’s products, services, or solutions and factors that affect that demand; management of the Company’s supply chain and the Company’s ability to cost-effectively secure the materials it needs to operate its business; disruptions in the Company’s operations; changes in third-party and government reimbursement processes, rates, contractual relationships, and mix of public and private payers, including related to government shutdowns; the delayed China stimulus and the ongoing anti-corruption campaign; the Company’s ability to attract and/or retain key personnel and qualified employees; global geopolitical and economic instability, including as a result of the conflict between Ukraine and Russia, the conflict in the Middle East, and the actions in the Red Sea region; public health crises, epidemics, and pandemics and their effects on the Company’s business; maintenance and protection of the Company’s intellectual property rights, as well as maintenance of successful research and development efforts with respect to commercially successful products and technologies; the impact of potential information technology, cybersecurity or data security breaches; compliance with the various legal, regulatory, tax, privacy, and other laws to which the Company is subject, such as the Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws globally, and related changes, claims, inquiries, investigations, or actions; the Company’s ability to control increases in healthcare costs and any subsequent effect on demand for the Company’s products, services, or solutions; the impacts related to the Company’s increasing focus on and investment in cloud, edge, artificial intelligence, and software offerings; the impact of potential product liability claims; environmental, social, and governance matters; the Company’s ability to operate effectively as an independent, publicly-traded company; and the Company’s level of indebtedness, as well as its general ability to comply with covenants under its debt instruments and any related effect on the Company’s business. Please also see the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission and any updates or amendments it makes in future filings. There may be other factors not presently known to the Company or which it currently considers to be immaterial that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. The Company does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.
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About GE HealthCare Technologies Inc.
GE HealthCare is a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, dedicated to providing integrated solutions, services, and data analytics to make hospitals more efficient, clinicians more effective, therapies more precise, and patients healthier and happier. Serving patients and providers for more than 125 years, GE HealthCare is advancing personalized, connected, and compassionate care, while simplifying the patient’s journey across the care pathway. Together our Imaging, Advanced Visualization Solutions, Patient Care Solutions, and Pharmaceutical Diagnostics businesses help improve patient care from diagnosis, to therapy, to monitoring. We are a $19.6 billion business with approximately 51,000 colleagues working to create a world where healthcare has no limits.
Follow us on LinkedIn, X, Facebook, Instagram, and Insights for the latest news, or visit our website https://www.gehealthcare.com for more information.
Investor Relations Contact:
Carolynne Borders
+1-631-662-4317
carolynne.borders@gehealthcare.com
Media Contact:
Jennifer Fox
+1-414-530-3027
jennifer.r.fox@gehealthcare.com
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