GE issued a press release today announcing record 18% revenue and earnings growth in the fourth quarter of 2004. GE Healthcare contributed double digit growth. Jeff was ecstatic saying, "We've got great businesses positioned in the right markets with very strong teams driving powerful initiatives". Here's what they said about the Healthcare division:
- Increased total orders 25% over fourth quarter 2003 to $4.4 billion, driven by 9% growth in services, 15% growth in ultrasound and $0.8 billion in Biosciences.
- Received strong orders for new products, including the Volume CT (computed tomography) scanner, the 3T MR (magnetic resonance) scanner, and the Vivid I(TM) portable ultrasound.
- Signed a $200 million-plus agreement in the U.K. with Fujitsu Services Ltd., to provide Picture Archiving and Communication System (PACS) technology that will enable the conversion of hospitals and clinics to a new digital system for storing, retrieving and displaying patients' medical images.
- Launched HDMR, the world's first high-definition magnetic resonance (MR) system, which provides unprecedented image clarity for patients such as Parkinson's sufferers.
- Received FDA approval for InSightec's ExAblate 2000, which combines GE's MR imaging with focused ultrasound to provide non-invasive treatment of uterine fibroids (GE is an equity shareholder in InSightec).
- Launched LOGIQBook XP, a 10-lb., full-featured, easy-to-use ultrasound system with advanced connectivity that enables clinicians to scan patients virtually anywhere -- even in trauma and surgical settings.
Overall, GE Healthcare showed 2004 revenues of $2.286 billion, a 34% increase over 2003. I would imagine much of this is a result of the acquisition of Amersham. Diagnostic imaging is doing very well indeed. It's a good thing too, since word on the street is that they've lost significant market share (mostly to Philips) in patient monitoring. When and how GE Healthcare plans to consolidate their many acquisitions into a lean mean GE machine remains to be seen. I will investigate at HIMSS and let you know.