GE Healthcare Technologies Inc ( GEHC )  reported first-quarter sales of $4.6 billion, down 1% Y/Y, and were approximately flat on an Organic basis, with decreased volume partially offset by positive price, missing the consensus of $4.8 billion.

Net income attributable to GE HealthCare ( GEHC ) was $374 million versus $372 million for the prior year, and Adjusted EBIT was $681 million versus $664 million.

Total company book-to-bill was at 1.03 times, defined as Total orders divided by Total revenues. Total company orders increased by 1% organically year-over-year.

The company posted an adjusted EPS of $0.90, compared to $0.85 in the prior year, missing the consensus of $0.91.

Imaging segment revenues of $2.5 billion, down 1% Y/Y on the reported basis and flat organically.

Ultrasound segment revenues of $824 million declined by 4% on both reported an Organic basis.

Patient Care Solutions' Revenues of $747 million decreased by 4% on reported and organic basis. Pharmaceutical Diagnostics' revenues of $599 million increased by 7% reported and 8% on an Organic basis.

Citing BTIG analyst, Reuters noted that "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)."

Management struck an upbeat tone, "We delivered margin expansion while continuing to invest in innovation to solve the evolving needs of customers and patients," said CEO Peter Arduini in a news release. "This is reflected in our healthy backlog, orders growth, and positive book-to-bill…we expect to see business growth weighted toward the second half of 2024 consistent with our previous comments, and we remain on track to deliver our guidance for the year."

Guidance: GE Healthcare ( GEHC ) reaffirms its full-year 2024 guidance, with organic revenue growth of approximately 4% Y/Y and an adjusted EBIT margin of 15.6%-15.9%.

The company expects 2024 adjusted EPS of $4.20-$4.35 versus consensus of $4.30.

Price Action: GEHC shares are down 12.90% at $77.49 at the last check Tuesday.