GE HealthCare has reported an 8% increase in revenue to $4.7bn in the first quarter (Q1) of 2023 compared to $4.34bn during the corresponding period a year ago.

The company reported a net income attributable to the company of $372m, a 4% decline from $389m in Q1 2022.

Its adjusted earnings before interest and taxes during the quarter stood at $664m compared to $599m from a year ago.

The net income margin decreased from 9.0% in the first three months ended 31 March 2022 to 7.9% in Q1 2023, down by 110 basis points due to interest expense.

The company’s Imaging business saw revenues increase by 8% year-over-year to $2.5bn during the quarter, driven by Magnetic Resonance as well as Molecular Imaging and Computed Tomography due to new product introductions and efficiencies in supply chain fulfilment.

GE HealthCare reported that the revenues of its Ultrasound business rose by 5% year-over-year to $859m from $815m. The business witnessed revenue growth in general imaging, cardiovascular and women’s health products.

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During the quarter, the revenues of the company’s Patient Care Solutions business jumped by 9% to $781m compared to Q1 2022, fuelled by improved supply chain resiliency actions, fulfilment and price.

The Pharmaceutical Diagnostics business unit saw revenues grow by 15% during the quarter to $558m from $484m during the same period in the prior year. The revenue increased mainly due to improved price and volume.

GE HealthCare president and CEO Peter Arduini said: “We saw strong revenue growth across all of our business segments and regions as supply chain challenges eased.

“We continue to expect 5% to 7% Organic revenue growth for 2023 given increased fulfilment and commercial execution. Price and productivity had a positive impact on our margin performance, positioning us well as we continue to invest in innovation and growth.”