The company raised its organic revenue growth to a 6% to 8% window from an original range of 5% to 7%. Credit: Shutterstock/Anne Czichos

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.

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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.

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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.”