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…