GE

GE (NYSE:GE) announced that its GE HealthCare subsidiary closed an offering of senior notes worth $8.5 billion.

The company earlier this month announced the offering in connection with the planned spinoff of GE HealthCare. It anticipates the spinoff to go through in the first week of January 2023.

According to a news release, GE’s offering includes $1 billion in 5.55% senior notes due in 2024. It also offers $1.5 billion in 5.6% senior notes due in 2025. The offering features $1.75 billion in 5.65% senior notes due in 2027.

Additionally, GE is offering $1.25 billion in 5.857% senior notes due in 2030 and $1.75 billion in 5.905% senior notes due in 2032. Finally, GE offered $1 billion in 6.377% senior notes due in 2052.

GE said the notes represent senior unsecured obligations of GE HealthCare. The company expects them to enable GE to pay down existing debt. On Nov. 8, GE announced a tender offer to buy up to $7 billion in its debt securities.…

GE (NYSE:GE) announced today that it is offering $8.25 billion in senior notes in connection with its planned spinoff of GE HealthCare.

The spinoff remains on track to take place during the first week of January 2023.

It’s common for companies spinning out of larger parents to start out with debt. For example, spine and dental tech company ZimVie (Nasdaq:ZIMV) started out with $500 million in debt when it spun out of Zimmer Biomet (NYSE:ZBH) early this year.

GE said the notes will be senior unsecured obligations of GE HealthCare and will enable GE to pay down existing debt. Just on Nov. 8, GE announced a tender offer to buy up to $7 billion in its debt securities. After that, it expected new GE HealthCare debt securities to pay down its outstanding debt over time.

The new stand-alone medtech giant intends to maintain a strong investment-grade credit rating.

In a Form 10 registration statement filed with the SEC last month, GE said that GE H…

GE (NYSE: GE) this week posted third-quarter results that beat the revenue consensus on Wall Street but missed on earnings.

GE HealthCare spinoff plans remain on track for an early January 2023 completion.

The Boston-based company reported a loss of -21¢ per share for the three months ended Sept. 30, 2022, versus a profit of $1.08 during Q3 2021. Sales were up 2.8% year-over-year to nearly $19.1 billion.

Adjusted to exclude one-time items, earnings per share were 35¢, 11¢ behind The Street, where analysts were looking for sales of $18.6 billion.

GE HealthCare reported $4.6 billion in sales, a 6.3% gain from Q3 2021. Net profits came in at $712 million, representing a 1.1% gain year-over-year.

“Our planned spin-offs remain on track with GE HealthCare ready to go in the first week of January. With leading positions in growing, critical sectors, we are excited about our plans to launch three independent, investment-grade companies set up…

GE (NYSE:GE) shares took a hit today despite first-quarter results that came in ahead of the consensus forecast.

GE shares were down 9% at $81.79 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 1.2%.

The Boston-based company posted losses of $$809 million, or 74¢ per share, on sales of just over $17 billion for the three months ended March 31, 2022, for a bottom-line slide deep into the red from profits of $20 million last year on sales that were virtually identical from the year prior.

Adjusted to exclude one-time items, earnings per share were 24¢, 5¢ ahead of Wall Street, where analysts were looking for sales of $16.9 billion.

GE’s healthcare business — which is set to become a standalone company next year — grew by 1% year-over-year, bringing in nearly $4.4 billion in revenues for the quarter. Healthcare systems (9% ord…

Culp’s employment agreement had him receiving a $15 million equity incentive grant this year; he’ll instead receive $5 million, according to a company proxy statement filed yesterday.

The GE board compensation committee said: “Shareholders have been overwhelmingly supportive of Larry and the action in 2020 to extend the term of his employment. But there was shareholder concern around the timing, size and structure of the 2020 retention grant made as part of the extension.”

According to the proxy, Culp’s total compensation nearly tripled to $73.2 million in 2020 from a previous $24.6 million in 2019. It settled down to $22.7 million in 2021.

GE’s revenue meanwhile declined nearly 16% to $75.8 billion in 2020, with much of the sales decline coming from the conglomerate…

GE (NYSE:GE) shares took a dip today on fourth-quarter results that came up shy of the consensus forecast amid supply chain problems.

The Boston-based company posted losses of $3.9 billion, or $3.55 per share, on sales of $20.3 billion for the three months ended Dec. 31, 2021, for a massive bottom-line slide from profits of $2.4 billion this time last year on a sales decline of 3.5%.

Adjusted to exclude one-time items, earnings per share were 82¢, 5¢ behind Wall Street, where analysts were looking for sales of $21.5 billion.

GE’s healthcare segment also experienced a slight revenue decline, registering sales of more than $4.6 billion for a dip of 4.1%. The company attributed the sales drop to ongoing industry-wide supply shortages and inflation, but said its healthcare arm is well-positioned for continued profitable growth as GE prepares to stand up the business as an independent company in 2023.

“2021 was an important year for the GE team, …

GE (NYSE:GE) announced plans today to split apart into three separate companies in coming years, including a stand-alone GE Healthcare.

GE Healthcare brought in $17 billion in sales in 2020 and remains one of the 10 largest medtech businesses in the world, even after GE divested its Biopharma business to Danaher in early 2020.

GE (NYSE:GE) is warning investors that supply and labor shortages are squeezing its Healthcare business this quarter, and that the pressure won’t likely let up in 2021.

GE’s Healthcare business “largely is a supply chain story right now,” GE Chair and CEO Larry Culp said this week, specifically citing semiconductors, resin and logistics as supply chain barriers to meeting “strong, if not robust” demand.

Get the full story at our sister site, Medical Design & Outsourcing.