GE HealthCare today (January 4) announced the completion of its previously announced spin-off from the mother company General Electric Company (GE) and began trading as an independent company on the Nasdaq exchange under the ticker symbol (GEHC).
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. Following the transaction, GE retains 19.9% of the outstanding shares of GE HealthCare common stock.
The global industrial giant had in 2021 announced plans to break up into three companies, with its healthcare unit set to spin off first and its energy segment early next year, leaving GE to focus on its aviation business.
GE said its healthcare business has presence in more than 160 countries and boasts a 51,000-strong global workforce that serves more than one billion patients a year.
GE HealthCare invests more than $1 billion in R&D annually and generates $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.
“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,” remarked Peter Arduini, President and CEO of GE HealthCare.
“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, Wisconsin,” noted Arduini.
“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,” he noted.
The company expects its addressable markets to expand to $102 billion by 2025 from $84 billion in 2021.
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, he added.
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