The previously announced spin-off of GE HealthCare from GE has been completed, according to the firm, which will now begin trading as a separate entity on the Nasdaq exchange under the ticker code- GEHC.
The remote ringing of the Nasdaq opening bell will be performed for the first time by GE HealthCare in Wisconsin. Employees from all over the world will join its leadership team at the company's manufacturing facility in Waukesha, Wisconsin, both physically and virtually.
Peter Arduini, President and CEO, GE HealthCare said, “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. 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”.
With a footprint in more than 160 nations and roughly 51,000 workers worldwide, GE HealthCare begins with the capacity to treat more than one billion patients annually. The corporation has an installed base of more than 4 million pieces of equipment across its four business segments—Imaging, Ultrasound, Patient Care Solutions, and Pharmaceutical Diagnostics—and invests more than $1 billion yearly in R&D. It generates about $18 billion in revenue.
The company projects that by 2025, its addressable markets could have grown from $84 billion to $102 billion. The company's precision care approach to securely and reliably integrate patient data from imaging, lab, pathology, genomics, and other sources will be able to grow and be implemented as a result of this expansion. With this precision care technique, professionals can identify diseases and choose the most effective treatments to provide patients with the best results possible.
By distributing roughly 80.1% of GE HealthCare's outstanding shares to GE stockholders on a pro-rata basis, GE was able to spin off GE HealthCare. Approximately 19.9% of the GE HealthCare common stock that was in circulation was still owned by GE.
