GE HEALTHCARE TECHNOLOGIES INC (+) : Corporate contact: Key takeaways

研报英文原文证据摘录

GE HEALTHCARE TECHNOLOGIES INC (+) : Corporate contact: Key takeaways

EQUITIES

MEDTECH & SERVICES

GE HEALTHCARE TECHNOLOGIES INC OUTPERFORMPRICE* USD63.8  TARGET PRICE USD88 (UPSIDE 38%)

FLASH NOTE

Corporate contact: Key takeaways

11 JUNE 2026 Securities Research Report Production time: 18:38* (London time)

Research Analyst & Publishing Entities

Navann Ty, CFA BNP Paribas Securities Corp (1) +(1) 917 749 7734 navann.ty@us.bnpparibas.com

What happened?

We had a catch-up call with GE Healthcare and highlight there has been no change to guidance. We have slots open

today and tomorrow to discuss takeaways – book here.

Based on customer surveys, GEHC indicated hospitals intend to invest in capex through 2026. The company

indicated customers have factored impacts from regulation changes into budgets for the year, supporting confidence in

expectations. Given modalities like MR, CT, and Ultrasound help diagnose patients, we understand these remain

priorities for investments. Moreover, the company expects Q4 to be the largest volume quarter, as usual, driven by the

“use it or lose it” nature of budgets.

The company re-flagged tender wins in China, as well as improving win rates, greenshoots in Ultrasound. That

said, it takes time to convert to orders and then revenue in Imaging, implying a gradual revenue contribution, in our

view. Senior and local management have been visiting China, working with provincial governments and JV partner to

support the business. Moreover, the company is working with VBP teams to make Ultrasound and Imaging products

competitive. GE Healthcare continues to expect revenue in China to be down YoY for FY26E (BNPPE -2%). However,

the company called out IPSOS data pointing to slight market growth in China for the year.