financetom
Business
financetom
/
Business
/
GE HealthCare misses quarterly revenue estimates on weakness in China market
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
GE HealthCare misses quarterly revenue estimates on weakness in China market
Apr 30, 2024 5:24 AM

April 30 (Reuters) - GE HealthCare Technologies ( GEHC )

missed first-quarter revenue estimates on Tuesday, hurt by lower

sales in China market and weaker-than-expected demand for its

scanning devices, sending its shares tumbling as much as 12%

before the bell.

The medical device maker's revenue from China market, which

constitutes nearly 13% of its total revenue, dropped more than

11% in the quarter ended March 31.

"Many of GE HealthCare's ( GEHC ) suppliers were noting weakness in

China last quarter, so it makes some sense that we would see

that come through (to this quarter)," BTIG analyst Ryan

Zimmerman said.

The company, at an investor conference last month, had said

it expects a sales decline in China during the first half of the

year. It expects to see growth in the second half with the end

of the Chinese government's anti-corruption campaign that began

last year.

The company is also facing pressure from the Chinese

government's volume-based procurement, under which the country

buys drugs and medical devices in bulk at a sharp discount.

GE HealthCare's ( GEHC ) total sales came in at $4.65 billion in the

quarter, missing LSEG estimates of $4.8 billion.

Sales at its imaging unit - the largest among the company's

four segments - were $2.47 billion, also below analysts'

estimate of $2.61 billion.

The company's three other units are ultrasound, patient care

solutions and pharmaceutical diagnostics.

On an adjusted basis, it earned $0.90 per share in the first

quarter, compared with the $0.91-per-share estimated.

GE HealthCare ( GEHC ), however, maintained its full-year adjusted

profit-per-share forecast in the range of $4.20 to $4.35.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Head of Brazil's Petrobras to visit Mexico to discuss partnership with Pemex
Head of Brazil's Petrobras to visit Mexico to discuss partnership with Pemex
Mar 24, 2026
MEXICO CITY, March 24 (Reuters) - The head of the Brazilian oil company Petrobras is due to visit Mexico in April to discuss a proposed partnership with Mexico's state-run oil firm Pemex, Mexican president Claudia Sheinbaum said on Tuesday. Sheinbaum added during her daily morning press conference that she has not yet decided on Brazil's offer of alliances for possible...
US will roll out pilot surveys to track energy use by data centers
US will roll out pilot surveys to track energy use by data centers
Mar 24, 2026
NEW YORK, March 24 (Reuters) - The U.S. Department of Energy's information arm will launch a series of pilot surveys on Wednesday aimed at gauging the energy use of the country's data centers, the administrator of the agency told Reuters. Silicon Valley is pouring hundreds of billions of dollars into its expansion of energy-intensive data centers across the U.S., but...
Microsoft, Nvidia Partner to Enhance Nuclear Energy Operations With AI
Microsoft, Nvidia Partner to Enhance Nuclear Energy Operations With AI
Mar 24, 2026
11:48 AM EDT, 03/24/2026 (MT Newswires) -- Microsoft ( MSFT ) said Tuesday it is entering an artificial intelligence for nuclear collaboration with Nvidia ( NVDA ) to offer end-to-end tools that streamline site permitting, accelerate design, and optimize industry operations. The company said these technologies make extremely complex tasks in a nuclear plant repeatable, traceable and secure, which accelerates...
CERAWEEK-Venezuela needs to
CERAWEEK-Venezuela needs to "rewire" fiscal system to attract investment, ConocoPhillips CEO says
Mar 24, 2026
HOUSTON, March 24 (Reuters) - Venezuela needs to completely rewire its fiscal system to attract new investment, ConocoPhillips ( COP ) CEO Ryan Lance said on Tuesday at the CERAWeek conference in Houston, underscoring the challenges facing the country's oil industry in the wake of President Nicolas Maduro's capture in January. Lance called a new hydrocarbon law in the OPEC-member...
Copyright 2023-2026 - www.financetom.com All Rights Reserved