GE HealthCare beats Q3 profit estimates on U.S. demand for medical devices [Yahoo! Finance Canada]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: Yahoo! Finance Canada
Sales in the U.S. and Canada rose 8% to $2.25 billion, but were down 22% at $564 million in China. Medical device makers have been benefiting from increased demand for heart procedures and non-urgent surgeries such as hip and knee replacements over the past few quarters especially among older adults, who deferred these procedures during the pandemic. However, the company said it expects revenue growth trending towards the lower end of its forecast of 1% to 2% growth year-over-year, given the continued softness in the China market, which brought in 14.2% of its revenue last year. GE HealthCare's sales have been hurt in the last few quarters due to a freeze in China's healthcare sector amid an anti-corruption campaign, which is targeting the bribing of doctors in drug and medical equipment sales, and a delay in the country's 2024 stimulus. GE HealthCare's total third-quarter sales came in at $4.86 billion, versus estimates of $4.87 billion. Excluding one-off items, GE HealthC
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