GE HealthCare Technologies Inc (NAS:GEHC)

Q2 2024 GE Healthcare Technologies Inc Earnings Call Transcript

Jul 31, 2024 / 12:30PM GMT

Release Date Price: $84.63 (+2.40%)

Transcript 10-Q8-K

Key Points

Positve

Delivered 1% organic revenue and 3% orders growth with all segments contributing.
Expanded margins despite headwinds in the China market.
Strong performance in the US market, particularly in imaging, IGT, and ultrasound.
Raised adjusted EBIT margin guidance due to productivity and optimization initiatives.
Secured more than $800 million in multimodality equipment, software, and service contracts in the US.

Negative

Lowered full-year organic revenue growth guidance due to prolonged timing of the China stimulus rollout.
Anticipated continued sales decline in China for the second half of the year.
Negative free cash flow in the second quarter due to timing of certain payments.
Organic revenue in the ultrasound segment was down 1% year over year, primarily due to China market headwinds.
Patient care solutions segment EBIT margin decreased 90 basis points year over year due to product mix.

Operator

Good day, everyone, and thank you for standing by. Welcome to GE Healthcare's second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I will hand the call over to the Chief Investor Relations Officer, Carolynne Borders. You may begin.

Carolynne Borders

GE Healthcare Technologies Inc - IR

Thanks, operator. Good morning, and welcome to GE Healthcare's second-quarter 2024 earnings call. I'm joined by our President and CEO, Peter Arduini; and Vice President and CFO, Jay Saccaro.

Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and in the presentation slides available on our website.

During this call, we'll make forward-looking statements about our performance. These statements are based on how we see things today. As described in our SEC filings, actual results may differ materially due to risks and uncertainties. And with that, I'll hand the call

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