Health

GE HealthCare Q1 revenue falls to $4.6B amid China market slump

Apr 30, 2024 1 min read

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GE HealthCare Technologies reported a miss in first-quarter revenue, influenced by a decline in sales within the China market and a decreased demand for its scanning devices. The company, which saw its shares drop by up to 12% in pre-market trading, cited a more than 11% reduction in sales in China, where it generates roughly 13% of its total revenue.

The shortfall in the Chinese market is partly attributed to the government's volume-based procurement policy, which aims to lower healthcare costs by procuring drugs and medical devices in bulk at discounted rates. Despite these challenges, GE HealthCare Technologies announced total sales of $4.65 billion, which fell short of the $4.8 billion estimated by London Stock Exchange Group (LSEG).

Nevertheless, the company has upheld its forecast for the full-year adjusted profit per share, projecting a range of $4.20 to $4.35. This indicates that GE HealthCare Technologies remains confident in its financial outlook for the remainder of the year despite the first-quarter headwinds.

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