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GE Healthcare's Stock Tumbles After Revenue Miss, Free Cash Flow Turns More Negative

Dow Jones07-31

Shares of GE Healthcare Technologies Inc. $(GEHC)$ tumbled 8% in premarket trading Wednesday, after the medical technologies and diagnostics company reported second-quarter revenue that missed expectations and cash flow that was more negative.

Net income rose to $428 million, or 93 cents a share, from $418 million, or 91 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of $1.00 beat the FactSet consensus of 98 cents. Revenue grew 0.5% to $4.84 billion, but was below the FactSet consensus of $4.88 billion, as sales of products slipped 0.2% to $3.21 billon and services sales were up 1.7% to $1.63 billion.

Free cash flow for the quarter was negative $182 million, compared with negative $136 million from a year ago. Looking ahead, the company kept its full-year guidance for adjusted EPS guidance at $4.20 to $4.35 and for free cash flow at approximately $1.8 billion. The stock has gained 6.9% year to date through Tuesday, while the Health Care Select Sector SPDR ETF $(XLV)$ has climbed 10.1% and the S&P 500 index has advanced 14%.

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