GE HealthCare Technologies Inc. (NASDAQ:GEHC) Q4 2023 Earnings Conference Call February 6, 2024 8:30 AM ET
Company Participants
Carolynne Borders - Chief Investor Relations Officer
Peter Arduini - President and Chief Executive Officer
Jay Saccaro - Vice President and Chief Financial Officer
Conference Call Participants
Craig Bijou - Bank of America
Vijay Kumar - Evercore ISI
Matt Taylor - Jefferies
Larry Biegelsen - Wells Fargo
Joanne Wuensch - Citi
Graham Doyle - UBS
Anthony Petrone - Mizuho
Patrick Wood - Morgan Stanley
Operator
Good day and welcome to GE HealthCare’s Fourth Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker, Carolynne Borders, Chief Investor Relations Officer. Please go ahead.
Carolynne Borders
Thank you. Good morning and welcome to GE HealthCare’s fourth quarter 2023 earnings call. I am joined by our President and CEO, Peter Arduini; and our Vice President and CFO, Jay Saccaro.
Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today’s press release and in the presentation slides available on our website. During this call, we will make forward-looking statements about our performance. These statements are based on how we see things today. As described in our SEC filings, actual results may differ materially due to risks and uncertainties.
And with that, I’ll hand the call over to Peter.
Peter Arduini
Thanks, Carolynne. Let me start by providing a few highlights from a successful first year as a public company. I am proud of how our teams executed to deliver robust financial results with performance that all met or exceeded guidance. In fact, our execution throughout the year allowed us to raise guidance twice. We have continued to increase our R&D investment, launching over 40 new innovations tied to our care pathway and digital strategy. As a result of our investments, we estimate that we have gained global market share in equipment in 2023. And once again, we topped the FDA’s list of AI-enabled device authorizations with 58, more than any other medtech company. Backlog remains robust led by an improved capital equipment landscape. And we significantly strengthened our balance sheet as we paid down $1 billion in debt since the beginning of the fourth quarter.
Our financial flexibility enables us to drive both organic and inorganic investment such as the Caption Health and IMACTIS acquisitions completed in 2023. More recently, we announced our plans to acquire MIM Software, which I’ll discuss in greater detail later in the call. We continue to build our position as a trusted partner. And here are a few highlights from throughout the year.