GE HealthCare (Nasdaq: GEHC) announced today that its previously announced spin-off from GE (NYSE: GE) is complete and GE HealthCare will begin trading as an independent company on the Nasdaq exchange under the ticker symbol “GEHC” effective at the market opening today. GE HealthCare will be the first company in the state of Wisconsin to remotely ring Nasdaq’s opening bell. Its leadership team will be joined by employees in person and virtually from around the world at the Company’s manufacturing facility in Waukesha, Wis.
“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,” said Peter Arduini, President and CEO of GE HealthCare. “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.”
GE HealthCare launches with a presence in more than 160 countries and approximately 51,000 employees worldwide serving more than one billion patients a year. The company invests more than $1 billion in R&D annually and generates approximately $18 billion in revenue, with an installed base including more than 4 million pieces of equipment across its four business segments – Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics.
The Company expects its addressable markets will expand from $84 billion in 2021 to $102 billion by 2025. That expansion provides significant opportunities for growth and execution of the Company’s precision care strategy to safely and securely integrate patient data from imaging, lab, pathology, genomics, and other sources. Precision care then layers those data with artificial intelligence, using the Company’s Edison platform and digital apps. This precision care strategy enables insights that help clinicians diagnose diseases and determine the most appropriate treatment – delivering the best possible outcome for the patient.
The spinoff of GE HealthCare was achieved by GE’s pro rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to GE shareholders. GE retained approximately 19.9% of the outstanding shares of GE HealthCare common stock.
Both GE HealthCare’s President and CEO, Pete Arduini and CFO, Helmut Zodl will be presenting at the 41st Annual J.P. Morgan Healthcare Conference on January 10, 2023 at 11:15 am PT/2:15 pm ET. Visit this website (https://jpmorgan.metameetings.net/events/healthcare23/sessions/43746-ge-healthcare/webcast?gpu_only=true&kiosk=true) to listen to their presentations and remarks. The company will also issue its fourth quarter/full-year earnings on January 30, 2023 and the earnings call can be heard at 8:00 am CT/ 9:00 am ET via this [link]