GE HealthCare Technologies Inc. Q1 FY2024 results: revenue $4.7 billion, down 1.2% on the year

GE HealthCare Technologies Inc. (GEHC) reported revenue of $4.7 billion for Q1 FY2024, the quarter ended 31 March 2024, down 1.2% on the same quarter a year earlier. Net income was $374 million, up 0.5% on the year, and diluted earnings per share $0.81. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$4.7 billiondown 1.2%

Net income$374 millionup 0.5%

Diluted EPS$0.81

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	4,650	5,206	n/a	n/a
Gross profit	1,902	2,156	n/a	n/a
Gross margin	40.9%	41.4%	n/a
Research and development	324	315	n/a	n/a
Selling, general and administrative	1,038	1,152	n/a	n/a
Operating income	540	689	n/a	n/a
Operating margin	11.6%	13.2%	n/a
Pre-tax income	512	609	n/a	n/a
Income tax	124	193	n/a	n/a
Effective tax rate	24.2%	31.7%	n/a
Net income	374	403	n/a	n/a
Net margin	8.0%	7.7%	n/a
Diluted EPS	$0.81	$0.89	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	419	n/a	n/a	n/a
Capital expenditure	145	94.0	n/a	n/a
Free cash flow	274	n/a	n/a	n/a
Free cash flow margin	5.9%	n/a	n/a
Depreciation and amortisation	148	144	n/a	n/a
Share-based compensation	34.0	33.0	n/a	n/a
Dividends paid	14.0	13.0	n/a	n/a
Dividend per share	$0.03	n/a	n/a	n/a
Diluted shares, weighted	459m	458m	n/a	n/a
Shares outstanding at period end	456m	455m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	32,208	32,454	n/a	n/a
Cash and equivalents	2,551	2,494	n/a	n/a
Inventory	1,989	1,960	n/a	n/a
Goodwill	12,927	12,936	n/a	n/a
Long-term debt	9,255	9,442	n/a	n/a
Borrowings, as the company tags them	9,301	9,452	n/a	n/a
Operating lease liabilities	267	273	n/a	n/a
Finance lease liabilities	37.0	38.0	n/a	n/a
Shareholders' equity	7,408	7,133	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	4,817	4,822	5,206	4,650	4,839	4,863	5,320	4,777	5,007	5,143	5,698	5,131
Gross profit	1,940	1,935	2,156	1,902	2,002	2,026	2,275	2,012	1,985	1,990	2,261	1,977
Gross margin	40%	40%	41%	41%	41%	42%	43%	42%	40%	39%	40%	39%
R&D	298	322	315	324	327	316	344	344	302	292	322	345
SG&A	1,072	996	1,152	1,038	1,067	1,034	1,130	1,040	1,029	1,045	1,111	1,117
Operating income	570	617	689	540	608	676	801	629	654	653	827	515
Operating margin	12%	13%	13%	12%	13%	14%	15%	13%	13%	13%	15%	10%
Pre-tax income	570	636	609	512	578	658	833	692	613	643	820	505
Tax rate	24%	39%	32%	24%	25%	26%	12%	15%	18%	28%	27%	19%
Net income	418	375	403	374	428	470	721	564	486	446	588	389
Net margin	9%	8%	8%	8%	9%	10%	14%	12%	10%	9%	10%	8%
Diluted EPS	$0.91	$0.82	$0.89	$0.81	$0.93	$1.02	$1.58	$1.23	$1.06	$0.98	$1.28	$0.85
Operating cash flow	-67.0	650	n/a	419	-119	n/a	n/a	250	94.0	n/a	n/a	290
Capital expenditure	70.0	80.0	94.0	145	64.0	90.0	102	152	86.0	110	134	178
Free cash flow	-137	570	n/a	274	-183	n/a	n/a	98.0	8.0	n/a	n/a	112
Buybacks	n/a	n/a	n/a	n/a	n/a	0.0	n/a	0.0	100	100	0.0	100
Dividends paid	14.0	14.0	13.0	14.0	14.0	13.0	14.0	16.0	16.0	16.0	16.0	16.0
Shares outstanding	455m	455m	455m	456m	457m	457m	457m	458m	457m	456m	456m	455m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 30 April 2024, accession 0001932393-24-000034: the filing on EDGAR. All of GE HealthCare Technologies Inc.'s filings: EDGAR company page.

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