GE has completed the spinoff of its healthcare business, and GE HealthCare began trading as its own entity on the Nasdaq Jan. 4.
The spinoff was long-planned for GE, which announced last year it was splitting off three businesses––GE HealthCare, GE Vernova, its energy portfolio, and GE Aerospace, its aviation business. GE HealthCare is now trading on the Nasdaq under the ticker GEHC.
The new GE HealthCare has a presence in more than 160 countries, with approximately 51,000 employees serving more than 1 billion patients. The company generates approximately $18 billion in revenue, investing $1 billion in R&D annually. The company is also segmented into four core businesses: 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,” Peter Arduini, president and CEO of GE HealthCare, said in a statement. “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.”
According to the company, its addressable markets will increase 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,” the company said in a press release.
To complete the spinoff, 80.1% of the outstanding shares of GE HealthCare went to GE shareholders, and GE retained approximately 19.9% of the outstanding shares of GE HealthCare common stock.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."