07.20.23
Rank: #6 (Last year: #8)
$18.46 Billion
Prior Fiscal: $17.72 Billion
Percentage Change: +4.2%
R&D Expenditure: $1.03B
Best FY22 Quarter: Q4 $4.9B
Latest Quarter: Q1 $4.71B
No. of Employees: 50,000
Global Headquarters: Chicago, Ill.
KEY EXECUTIVES:
Peter J. Arduini, President & CEO
Helmut Zodl, VP & CFO
Jan Makela, President & CEO, Imaging
Kevin O’Neill, President & CEO, Pharmaceutical Diagnostics
Roland Rott, President & CEO, Ultrasound
Thomas Westrick, President & CEO, Patient Care Solutions
In November 2021, General Electric (GE) revealed plans to form three industry-leading, global, investment-grade public companies. These GE progeny would focus on the sectors of aviation, energy, and—most importantly for MPO—healthcare.
GE’s portfolio of energy businesses (GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services) will become GE Vernova in early 2024 after the spinoff is executed. The remaining Aviation business will be rebranded as GE Aerospace once GE Vernova becomes a standalone entity.
Board members for GE HealthCare were announced in September, with GE chairman and CEO Lawrence Culp named non-executive chairman and GE HealthCare CEO Peter Arduini named a director. GE’s board gave its nod to the GE HealthCare spinoff—officially, GE Healthcare Holding LLC—about two months later. The company began trading on the New York Stock Exchange as “GEHC” on Jan. 4, 2023, marking an end to the spinoff.
“Today is an incredibly exciting day for GE HealthCare as we become an independent company and start a new chapter advancing our position as a global leader in precision care,” Arduini told the press in the Jan. 4 release. “We are on the verge of true industry transformation as digital innovation reshapes the experience of patients and providers with an increased need for more precise, connected, and efficient care. GE HealthCare colleagues worldwide are united in our purpose to create a world where healthcare has no limits, and we look forward to delivering for providers, patients, and shareholders in the years ahead.”
ANALYST INSIGHTS: As predicted last year, GE HealthCare is a much more exciting company now that it is officially its own public entity. They are aggressively making portfolio moves (especially in AI) to put them in position for positive future growth. Expect that behavior to continue in the foreseeable future.
GE HealthCare posted $18.46 billion in revenues in fiscal year 2022, rising 4.2% above the previous year. Proceeds from imaging and ultrasound equipment increased, mainly due to strong growth in the U.S. and Europe, Middle East, and Africa. Overall equipment sales reached $9.64 billion, growing 5.9%. This was partly offset by flagging revenues in China. Service revenues also went up, driven by the continued growth of the company’s Healthcare Systems (HCS) and Pharmaceutical Diagnostics (PDx) businesses. Service offerings generated $8.82 billion of sales in 2022 and grew 2.3% over the prior year.
HCS proceeds amounted to $16.49 billion in the last fiscal year, posting a 5.1% increase.
The HIMSS22 meeting saw the unveiling of GE HealthCare’s Edison digital health platform, a vendor-agnostic hosting and data aggregation platform with an artificial intelligence (AI) engine. Edison can connect devices and other data sources into an aggregated clinical data layer. Open and published interfaces allow app deployment, with the platform supporting app integration into existing workflows. The platform was designed to scale across cloud, server, data center, or on-device deployment.
In April, the company earned FDA approval for its End-tidal (Et) control software to deliver general anesthesia on its Aisys CS2 Anesthesia delivery system. The software semi-automates anesthesia delivery to set targets for end-tidal oxygen and anesthetic agent. Once targets are set, the software achieves and maintains them regardless of changes in hemodynamic and metabolic status. The software also reduces drug waste, lowering cost of care and greenhouse emissions.
The Portrait Mobile wireless patient monitoring system was introduced in June after being developed in GE’s global center of excellence for monitoring solutions in Helsinki, Finland. The system captures respiration rate, oxygen saturation, and pulse rate to spot changes signaling development of cardiorespiratory complications or infectious disease. A routable communications architecture lets hospitals leverage existing network infrastructure when deploying the system.
July saw GE HealthCare’s unveiling of the Voluson Expert 22 ultrasound for the OBGYN market. It uses graphic-based beam former technology for higher image quality and features flexible image functions. Lyric Architecture helps reveal fine anatomy in 2D/3D/4D to deliver uniformity throughout an image. Its AI-powered tools include SonoLyst, which adds annotations and measurements to identify fetal anatomy; SonoPelvicFloor, which automates plane alignment and measurements; and SonoCNS, which aligns and displays recommended fetal brain views and measurements from a 3D Volume.
The Definium 656 HD fixed X-ray overhead tube suspension (OTS) system with Intelligent Workflow Suite arrived in the market in August. The digital radiographic system uses GE’s 100 um FlashPad HD high-resolution detectors and Helix 2.2 image processing software. Five-axis motorization and auto-positioning helps reduce technologist strain, and precise long image stitching is achieved with Auto Image Paste at the table and wall stand enhanced with AutoSpine.
GE’s AIR Recon DL MRI scanner earned 510(k) clearance for the company’s 3D and Propeller motion-insensitive image sequence tool imaging sequences in August. The FDA nod endowed AIR Recon DL with expanded compatibility from 2D to 3D imaging sequences. The Propeller tool can be used for patients prone to respiration or other motion during MRI exams as well as pediatric, neurodegenerative, geriatric, and claustrophobic patients who can’t remain still.
GE introduced the Omni Legend all-digital PET-CT system in October. Omni Legend’s Precision DL deep learning image processing software—which was engineered with a deep neural network trained on thousands of images made with different reconstructive methods—aims to produce better contrast-to-noise ratio, contrast recovery, and quantitative accuracy. A brand-new category of digital BGO detector material features small crystal delivery over two times the sensitivity to prior scanners, according to GE. The PET-CT system also includes GE’s Q.Clear (BRSEM) PET image reconstruction tech for reliable quantification, and MotionFree to correct respiratory motion artifacts. LED ambient lighting also encourages patients into a calming mood, with a graphic pattern to reduce exam stress.
November saw the introduction of the SIGNA Experience platform of four synergistic technologies for MRI scanning. The cornerstone SIGNA One imaging software platform features AIR Recon DL deep-learning software, AIR x and AIRTouch to facilitate scan setup, and lightweight, flexible AIR Coils.
Pharmaceutical Diagnostics (PDx) revenue reached $1.97 billion last year. This represented a 2.9% decline from the prior year.
GE HealthCare was also involved in a few strategic partnerships last year. The first was announced in March: GE’s MUSE cardiac management system—which connects to and integrates into the electronic medical record (EMR) to streamline the flow of cardiac info—views and interprets MUSE ECGs taken using AliveCor’s KardiaMobile 6L personal ECG device. The ECGs are both analyzed by GE HealthCare’s algorithms and become a part of the MUSE patient record and the EMR. This way, any physician in the hospital network involved in the patient’s care can interact with them. The physician can also compare the patient’s most recent KardiaMobile 6L ECG to prior ECGs or other relevant results.
A collaboration with Medtronic began in April to provide Ambulatory Surgery Centers (ASCs) and Office-Based Labs (OBLs) with both companies’ product portfolios, financial solutions, and service. GE will provide imaging, monitoring, ultrasound, and digital solutions like the Edison-powered, AI-based interventional imaging chain. Medtronic contributes its range of cardiac rhythm, pain management, peripheral vascular, and kyphoplasty technologies.
GE HealthCare revealed an investment of up to $50 million in Israeli startup Pulsenmore in May. The finances aim to support global adoption, FDA clearance, and commercial expansion of Pulsenmore’s homecare ultrasound. Pulsenmore’s device includes a handheld ultrasound that docks with a smartphone, a mobile app for clinical consultation, web app for clinician-side interaction, and software API to integrate online services with health records. Its periodic fetal ultrasound scanning can also be offered as an online, clinician-guided telecommunication service or offline, app-guided service.
$18.46 Billion
Prior Fiscal: $17.72 Billion
Percentage Change: +4.2%
R&D Expenditure: $1.03B
Best FY22 Quarter: Q4 $4.9B
Latest Quarter: Q1 $4.71B
No. of Employees: 50,000
Global Headquarters: Chicago, Ill.
KEY EXECUTIVES:
Peter J. Arduini, President & CEO
Helmut Zodl, VP & CFO
Jan Makela, President & CEO, Imaging
Kevin O’Neill, President & CEO, Pharmaceutical Diagnostics
Roland Rott, President & CEO, Ultrasound
Thomas Westrick, President & CEO, Patient Care Solutions
In November 2021, General Electric (GE) revealed plans to form three industry-leading, global, investment-grade public companies. These GE progeny would focus on the sectors of aviation, energy, and—most importantly for MPO—healthcare.
GE’s portfolio of energy businesses (GE Renewable Energy, GE Power, GE Digital, and GE Energy Financial Services) will become GE Vernova in early 2024 after the spinoff is executed. The remaining Aviation business will be rebranded as GE Aerospace once GE Vernova becomes a standalone entity.
Board members for GE HealthCare were announced in September, with GE chairman and CEO Lawrence Culp named non-executive chairman and GE HealthCare CEO Peter Arduini named a director. GE’s board gave its nod to the GE HealthCare spinoff—officially, GE Healthcare Holding LLC—about two months later. The company began trading on the New York Stock Exchange as “GEHC” on Jan. 4, 2023, marking an end to the spinoff.
“Today is an incredibly exciting day for GE HealthCare as we become an independent company and start a new chapter advancing our position as a global leader in precision care,” Arduini told the press in the Jan. 4 release. “We are on the verge of true industry transformation as digital innovation reshapes the experience of patients and providers with an increased need for more precise, connected, and efficient care. GE HealthCare colleagues worldwide are united in our purpose to create a world where healthcare has no limits, and we look forward to delivering for providers, patients, and shareholders in the years ahead.”
ANALYST INSIGHTS: As predicted last year, GE HealthCare is a much more exciting company now that it is officially its own public entity. They are aggressively making portfolio moves (especially in AI) to put them in position for positive future growth. Expect that behavior to continue in the foreseeable future.
—Dave Sheppard, Co-Founder and Managing Director, MedWorld Advisors
GE HealthCare posted $18.46 billion in revenues in fiscal year 2022, rising 4.2% above the previous year. Proceeds from imaging and ultrasound equipment increased, mainly due to strong growth in the U.S. and Europe, Middle East, and Africa. Overall equipment sales reached $9.64 billion, growing 5.9%. This was partly offset by flagging revenues in China. Service revenues also went up, driven by the continued growth of the company’s Healthcare Systems (HCS) and Pharmaceutical Diagnostics (PDx) businesses. Service offerings generated $8.82 billion of sales in 2022 and grew 2.3% over the prior year.
HCS proceeds amounted to $16.49 billion in the last fiscal year, posting a 5.1% increase.
The HIMSS22 meeting saw the unveiling of GE HealthCare’s Edison digital health platform, a vendor-agnostic hosting and data aggregation platform with an artificial intelligence (AI) engine. Edison can connect devices and other data sources into an aggregated clinical data layer. Open and published interfaces allow app deployment, with the platform supporting app integration into existing workflows. The platform was designed to scale across cloud, server, data center, or on-device deployment.
In April, the company earned FDA approval for its End-tidal (Et) control software to deliver general anesthesia on its Aisys CS2 Anesthesia delivery system. The software semi-automates anesthesia delivery to set targets for end-tidal oxygen and anesthetic agent. Once targets are set, the software achieves and maintains them regardless of changes in hemodynamic and metabolic status. The software also reduces drug waste, lowering cost of care and greenhouse emissions.
The Portrait Mobile wireless patient monitoring system was introduced in June after being developed in GE’s global center of excellence for monitoring solutions in Helsinki, Finland. The system captures respiration rate, oxygen saturation, and pulse rate to spot changes signaling development of cardiorespiratory complications or infectious disease. A routable communications architecture lets hospitals leverage existing network infrastructure when deploying the system.
July saw GE HealthCare’s unveiling of the Voluson Expert 22 ultrasound for the OBGYN market. It uses graphic-based beam former technology for higher image quality and features flexible image functions. Lyric Architecture helps reveal fine anatomy in 2D/3D/4D to deliver uniformity throughout an image. Its AI-powered tools include SonoLyst, which adds annotations and measurements to identify fetal anatomy; SonoPelvicFloor, which automates plane alignment and measurements; and SonoCNS, which aligns and displays recommended fetal brain views and measurements from a 3D Volume.
The Definium 656 HD fixed X-ray overhead tube suspension (OTS) system with Intelligent Workflow Suite arrived in the market in August. The digital radiographic system uses GE’s 100 um FlashPad HD high-resolution detectors and Helix 2.2 image processing software. Five-axis motorization and auto-positioning helps reduce technologist strain, and precise long image stitching is achieved with Auto Image Paste at the table and wall stand enhanced with AutoSpine.
GE’s AIR Recon DL MRI scanner earned 510(k) clearance for the company’s 3D and Propeller motion-insensitive image sequence tool imaging sequences in August. The FDA nod endowed AIR Recon DL with expanded compatibility from 2D to 3D imaging sequences. The Propeller tool can be used for patients prone to respiration or other motion during MRI exams as well as pediatric, neurodegenerative, geriatric, and claustrophobic patients who can’t remain still.
GE introduced the Omni Legend all-digital PET-CT system in October. Omni Legend’s Precision DL deep learning image processing software—which was engineered with a deep neural network trained on thousands of images made with different reconstructive methods—aims to produce better contrast-to-noise ratio, contrast recovery, and quantitative accuracy. A brand-new category of digital BGO detector material features small crystal delivery over two times the sensitivity to prior scanners, according to GE. The PET-CT system also includes GE’s Q.Clear (BRSEM) PET image reconstruction tech for reliable quantification, and MotionFree to correct respiratory motion artifacts. LED ambient lighting also encourages patients into a calming mood, with a graphic pattern to reduce exam stress.
November saw the introduction of the SIGNA Experience platform of four synergistic technologies for MRI scanning. The cornerstone SIGNA One imaging software platform features AIR Recon DL deep-learning software, AIR x and AIRTouch to facilitate scan setup, and lightweight, flexible AIR Coils.
Pharmaceutical Diagnostics (PDx) revenue reached $1.97 billion last year. This represented a 2.9% decline from the prior year.
GE HealthCare was also involved in a few strategic partnerships last year. The first was announced in March: GE’s MUSE cardiac management system—which connects to and integrates into the electronic medical record (EMR) to streamline the flow of cardiac info—views and interprets MUSE ECGs taken using AliveCor’s KardiaMobile 6L personal ECG device. The ECGs are both analyzed by GE HealthCare’s algorithms and become a part of the MUSE patient record and the EMR. This way, any physician in the hospital network involved in the patient’s care can interact with them. The physician can also compare the patient’s most recent KardiaMobile 6L ECG to prior ECGs or other relevant results.
A collaboration with Medtronic began in April to provide Ambulatory Surgery Centers (ASCs) and Office-Based Labs (OBLs) with both companies’ product portfolios, financial solutions, and service. GE will provide imaging, monitoring, ultrasound, and digital solutions like the Edison-powered, AI-based interventional imaging chain. Medtronic contributes its range of cardiac rhythm, pain management, peripheral vascular, and kyphoplasty technologies.
GE HealthCare revealed an investment of up to $50 million in Israeli startup Pulsenmore in May. The finances aim to support global adoption, FDA clearance, and commercial expansion of Pulsenmore’s homecare ultrasound. Pulsenmore’s device includes a handheld ultrasound that docks with a smartphone, a mobile app for clinical consultation, web app for clinician-side interaction, and software API to integrate online services with health records. Its periodic fetal ultrasound scanning can also be offered as an online, clinician-guided telecommunication service or offline, app-guided service.