GE HealthCare Reports First Quarter 2023 Financial Results

1Q Revenue growth of 8% year-over-year; Organic revenue* growth of 12%

1Q Net income attributable to GE HealthCare of $372 million versus $389 million for the prior year, Adjusted EBIT* of $664 million versus $599 million

1Q Diluted EPS was $0.41 versus $0.86 in the prior year, Adjusted EPS* was $0.85 versus $0.96

Board of Directors declared a cash dividend of $0.03 per share for the first quarter of 2023

CHICAGO–(BUSINESS WIRE)–GE HealthCare (Nasdaq: GEHC), a leading global precision care innovator, today reported financial results for the first quarter ended March 31, 2023.

GE HealthCare President and CEO Peter Arduini said, “We saw strong revenue growth across all of our business segments and regions as supply chain challenges eased. We continue to expect 5% to 7% Organic revenue growth* for 2023 given increased fulfillment and commercial execution. Price and productivity had a positive impact on our margin performance, positioning us well as we continue to invest in innovation and growth.”

First Quarter 2023 Total Financial Performance

Revenues of $4.7 billion increased 8% reported and 12% on an Organic basis* year-over-year. Foreign exchange negatively impacted growth by 4%. Total company book-to-bill, defined as Total orders divided by Total revenues, was 1.01 times for the quarter, given strong revenue growth across all segments, led by Pharmaceutical Diagnostics (PDx) recurring sales.

Net income attributable to GE HealthCare was $372 million versus $389 million for the prior year, and Adjusted EBIT* was $664 million versus $599 million.

Net income margin was 7.9% versus 9.0% for the prior year, down 110 basis points (bps) primarily impacted by interest expense. Adjusted EBIT margin* was 14.1% versus 13.8%, up 30 bps driven by volume, partially offset by mix. Inflation and planned investments were mostly offset by price and productivity actions. Adjusted EBIT margin* for the first quarter of 2023 grew 150 bps versus our estimated 1Q’22 Standalone Adjusted EBIT margin*.

Earnings per share (EPS) from continuing operations were $0.41 versus $0.86, down $0.45 from the prior year due to a noncontrolling interest redemption of preferred stock. Adjusted EPS* was $0.85 versus $0.96, down $0.11 from the prior year due to incremental interest expense. Adjusted EPS* for the first quarter of 2023 grew $0.22 versus our estimated 1Q’22 Standalone Adjusted EPS*.

Cash flow from operating activities was $468 million, flat year-over-year with working capital improvement, offset by incremental post-retirement benefit payments and interest. These items, coupled with increased capital expenditures, also impacted Free cash flow* of $325 million, which was down $46 million year-over-year.

First Quarter 2023 Segment Financial Performance

Imaging

Revenues of $2.5 billion increased 8% reported and 12% on an Organic basis* year-over-year.

Strong revenue growth was driven by Magnetic Resonance (MR) as well as Molecular Imaging and Computed Tomography (MICT), due to supply chain fulfillment improvements and new product introductions.

Segment EBIT was $191 million versus $206 million for the prior year.

Segment EBIT margin was 7.7% versus 8.9% for the prior year, as planned investments and mix outweighed higher volume; productivity and pricing initiatives more than offset inflation.

Ultrasound

Revenues of $859 million increased 5% reported and 10% on an Organic basis* year-over-year.

Solid revenue growth in cardiovascular, general imaging, and women’s health products, with new product introductions and improving supply chain on backlog fulfillment.

Segment EBIT was $207 million versus $192 million for the prior year.

Segment EBIT margin was 24.1% versus 23.6% for prior year, improved through productivity, price, and volume, partially offset by inflation and planned investments, including Caption Health acquisition.

Patient Care Solutions

Revenues of $781 million increased 9% reported and 11% on an Organic basis* year-over-year.

Continued strong revenue growth with improved fulfillment, supply chain resiliency actions, and price.

Segment EBIT was $109 million versus $65 million for the prior year.

Segment EBIT margin was 14.0% versus 9.1% for the prior year, improved through productivity, price, and volume, partially offset by inflationary pressure and planned investments.

Pharmaceutical Diagnostics

Revenues of $558 million increased 15% reported and 19% on an Organic basis* year-over-year.

Strong revenue growth driven by price and volume.

Segment EBIT of $155 million versus $138 million for the prior year.

Segment EBIT margin was 27.8% versus 28.5% for the prior year, impacted by raw material inflation and planned investments, partially offset by price, volume, and productivity.

Growth and Innovation

GE HealthCare’s CARESCAPE Canvas Patient Monitoring Platform Receives FDA Clearance.

Advancing Precision Care: GE HealthCare’s New Innovative Solution Helps Expand Interventional CT Access with IMACTIS.

Advantus Health Partners and GE HealthCare Announce Multi-Year Agreement to Expand Access to Healthcare Technology Management Services.

GE HealthCare to Acquire Caption Health, Expanding Ultrasound to Support New Users.

Embo ASSIST AI software receives 510(k) clearance from the FDA on March 23, 2023 – only 120 days after the initial filing and its launch in fourth quarter 2022.

2023 Guidance

Today, the Company reaffirmed its guidance for full year 2023:

Organic revenue growth* in the range of 5% to 7% year-over-year.

Adjusted EBIT margin* in the range of 15.0% to 15.5%, reflecting an expansion of 50 to 100 basis points versus 2022 Standalone Adjusted EBIT margin* of 14.5%.

Adjusted effective tax rate (ETR)* in the range of 23% to 25%.

Adjusted EPS* in the range of $3.60 to $3.75, representing 7% to 11% growth. This compares to 2022 Standalone Adjusted EPS* of $3.38.

Free cash flow conversion* of 85% or more for the full year. The Company’s cash flow outlook assumes that the legislation requiring R&D capitalization for tax purposes is repealed or deferred beyond 2023. The Free cash flow* impact of this legislation is up to 10 points of Free cash flow conversion* for the year.

The Company provides its outlook on a non-GAAP basis. Refer to the Non-GAAP Financial Measures in Outlook section below for more details.

Initiation of Dividend for Common Stockholders

The Board of Directors of GE HealthCare declared today a cash dividend of $0.03 per share on the Company’s common stock for the first quarter of 2023. Shareholders of record as of the close of business on May 23, 2023 will be eligible to receive the dividend, which will be payable on June 15, 2023.

Condensed Consolidated and Combined Statements of Income (Unaudited)

 

 

 

For the three months ended March 31

(In millions, except per share amounts)

2023

2022

Sales of products

$

3,131

 

$

2,787

 

Sales of services

 

1,576

 

 

1,556

 

Total revenues

 

4,707

 

 

4,343

 

Cost of products

 

2,037

 

 

1,914

 

Cost of services

 

779

 

 

751

 

Gross profit

 

1,891

 

 

1,678

 

Selling, general, and administrative

 

1,062

 

 

931

 

Research and development

 

270

 

 

238

 

Total operating expenses

 

1,332

 

 

1,169

 

Operating income

 

559

 

 

509

 

Interest and other financial charges – net

 

136

 

 

4

 

Non-operating benefit (income) costs

 

(115

)

 

(2

)

Other (income) expense – net

 

(8

)

 

(26

)

Income from continuing operations before income taxes

 

546

 

 

533

 

Benefit (provision) for income taxes

 

(163

)

 

(131

)

Net income

 

383

 

 

402

 

Net (income) attributable to noncontrolling interests

 

(11

)

 

(13

)

Net income attributable to GE HealthCare

 

372

 

 

389

 

Deemed preferred stock dividend of redeemable noncontrolling interest

 

(183

)

 

 

Net income attributable to GE HealthCare common stockholders

$

189

 

$

389

 

 

 

 

Earnings per share:

 

 

Basic earnings per share

$

0.42

 

$

0.86

 

Diluted earnings per share

$

0.41

 

$

0.86

 

Weighted-average number of shares outstanding:

 

 

Basic

 

454

 

 

454

 

Diluted

 

457

 

 

454

 

Condensed Consolidated and Combined Statements of Financial Position (Unaudited)

 

 

As of

(In millions, except share and per share amounts)

March 31, 2023

December 31, 2022

Cash, cash equivalents, and restricted cash

$

2,327

$

1,445

 

Receivables – net of allowances of $91 and $91

 

3,373

 

3,295

 

Due from related parties

 

31

 

17

 

Inventories

 

2,256

 

2,155

 

Contract and other deferred assets

 

983

 

989

 

All other current assets

 

634

 

417

 

Current assets

 

9,604

 

8,318

 

Property, plant, and equipment – net

 

2,327

 

2,314

 

Goodwill

 

12,924

 

12,813

 

Other intangible assets – net

 

1,494

 

1,520

 

Deferred income taxes

 

4,336

 

1,550

 

All other assets

 

1,952

 

1,024

 

Total assets

$

32,637

$

27,539

 

Short-term borrowings

$

5

$

15

 

Accounts payable

 

2,977

 

2,944

 

Due to related parties

 

186

 

146

 

Contract liabilities

 

2,031

 

1,896

 

All other current liabilities

 

3,037

 

2,190

 

Current liabilities

 

8,236

 

7,191

 

Long-term borrowings

 

10,234

 

8,234

 

Compensation and benefits

 

5,372

 

549

 

Deferred income taxes

 

64

 

370

 

All other liabilities

 

1,834

 

1,603

 

Total liabilities

 

25,740

 

17,947

 

Commitments and contingencies

 

 

Redeemable noncontrolling interests

 

201

 

230

 

Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 454,617,131 shares issued and outstanding as of March 31, 2023; 100 shares issued and outstanding as of December 31, 2022

 

5

 

 

Additional paid-in capital

 

6,425

 

 

Retained earnings

 

185

 

 

Net parent investment

 

 

11,235

 

Accumulated other comprehensive income (loss) – net

 

75

 

(1,878

)

Total equity attributable to GE HealthCare

 

6,690

 

9,357

 

Noncontrolling interests

 

6

 

5

 

Total equity

 

6,696

 

9,362

 

Total liabilities, redeemable noncontrolling interests, and equity

$

32,637

$

27,539

 

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

 

 

 

For the three months ended March 31

(In millions)

2023

2022

Net income

$

383

 

$

402

 

Adjustments to reconcile Net income to Cash from (used for) operating activities

 

 

Depreciation and amortization of property, plant, and equipment

 

61

 

 

56

 

Amortization of intangible assets

 

96

 

 

103

 

Net periodic postretirement benefit plan (income) expense

 

(101

)

 

3

 

Postretirement plan contributions

 

(91

)

 

(6

)

Provision for income taxes

 

163

 

 

131

 

Share-based compensation

 

24

 

 

19

 

Cash paid during the year for income taxes

 

(102

)

 

(203

)

Cash paid during the year for interest

 

(42

)

 

 

Changes in operating assets and liabilities, excluding the effects of acquisitions and dispositions:

 

 

Receivables

 

(22

)

 

(139

)

Due from related parties

 

5

 

 

(5

)

Inventories

 

(122

)

 

(244

)

Contract and other deferred assets

 

12

 

 

(34

)

Accounts payable

 

87

 

 

319

 

Due to related parties

 

6

 

 

16

 

Contract liabilities

 

119

 

 

77

 

All other operating activities

 

(8

)

 

(27

)

Cash from (used for) operating activities

 

468

 

 

468

 

Cash flows – investing activities

 

 

Additions to property, plant, and equipment

 

(143

)

 

(100

)

Dispositions of property, plant, and equipment

 

 

 

3

 

Purchases of businesses, net of cash acquired

 

(127

)

 

 

All other investing activities

 

4

 

 

(3

)

Cash from (used for) investing activities

 

(266

)

 

(100

)

Cash flows – financing activities

 

 

Net increase (decrease) in borrowings (maturities of 90 days or less)

 

(9

)

 

2

 

Newly issued debt, net of debt issuance costs (maturities longer than 90 days)

 

2,000

 

 

 

Repayments and other reductions (maturities longer than 90 days)

 

(6

)

 

(1

)

Net transfers (to) from GE

 

(1,317

)

 

(391

)

All other financing activities

 

5

 

 

(30

)

Cash from (used for) financing activities

 

673

 

 

(420

)

Effect of foreign currency rate changes on cash, cash equivalents, and restricted cash

 

8

 

 

(3

)

Increase (decrease) in cash, cash equivalents, and restricted cash

 

883

 

 

(55

)

Cash, cash equivalents, and restricted cash at beginning of year

 

1,451

 

 

561

 

Cash, cash equivalents, and restricted cash as of March 31

$

2,334

 

$

506

 

Non-GAAP Financial Measures

The non-GAAP financial measures presented in this press release are supplemental measures of GE HealthCare’s performance and its liquidity that the Company believes will help investors understand its financial condition, cash flows, and operating results and assess its future prospects. The Company believes that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or related to its core operating results and the overall health of the Company. These non-GAAP financial measures provide investors greater transparency to the information used by management for its operational decision-making and allow investors to see results “through the eyes of management.” The Company believes that providing this information assists investors in understanding its operating performance and the methodology used by management to evaluate and measure such performance. When read in conjunction with the Company’s U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in the Company’s underlying businesses and can be used by management as one basis for making financial, operational, and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in the Company’s industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations and should not rely on any single financial measure to evaluate the Company’s business.

The Company defines these non-GAAP financial measures as:

Organic revenue: Total revenues excluding the effects of: (1) net sales from recent acquisitions and divestitures with less than a full year of comparable net sales; and (2) foreign currency exchange rate fluctuations in order to present revenue on a constant currency basis.

Organic revenue growth rate: Rate of change when comparing Organic revenue, period over period.

Adjusted EBIT: Net income attributable to GE HealthCare excluding the effects of: (1) Interest and other financial charges – net; (2) Non-operating benefit (income) costs; (3) Provision (benefit) for income taxes; (4) Income (loss) from discontinued operations, net of taxes; (5) Net (income) loss attributable to noncontrolling interests; (6) restructuring costs; (7) acquisition, disposition related charges (benefits); (8) Spin-Off and separation costs; (9) (gain)/loss of business dispositions/divestments; (10) amortization of acquisition related intangible assets; and (11) investment revaluation (gain)/loss. In addition, the Company may from time to time consider excluding other nonrecurring items to enhance comparability between periods.

Adjusted EBIT margin: Adjusted EBIT divided by Total revenues for the same period.

Standalone Adjusted EBIT: Adjusted EBIT including the effects of recurring and on-going costs to operate new functions required for a standalone company that management believes provide a better depiction of the operations of GE HealthCare as a standalone company.

Standalone Adjusted EBIT margin: Standalone Adjusted EBIT divided by Total revenues for the same period.

The Company believes Adjusted EBIT, Adjusted EBIT margin, Standalone Adjusted EBIT, and Standalone Adjusted EBIT margin provide management and investors with additional understanding of its business by highlighting the results from ongoing operations and the underlying profitability factors. These metrics exclude interest expense, interest income, and tax expense, as well as unique and/or non-cash items, that can have a material impact on the Company’s results. The Company believes this provides additional insight into how its businesses are performing, on a normalized basis. However, these non-GAAP financial measures should not be construed as inferring that the Company’s future results will be unaffected by the items for which the measure adjusts.​

Adjusted net income: Net income attributable to GE HealthCare excluding (1) Non-operating benefit (income) costs; (2) restructuring costs; (3) acquisition, disposition related charges (benefits); (4) Spin-Off and separation costs; (5) (gain)/loss of business dispositions/divestments; (6) amortization of acquisition-related intangible assets; (7) investment revaluation (gain)/loss; (8) tax effect of reconciling items (items 1-7); (9) certain tax adjustments as described in Adjusted tax expense definition below and (10) Income (loss) from discontinued operations, net of taxes. In addition, the Company may from time to time consider disclosing other nonrecurring items to enhance comparability between periods.

Adjusted EPS: Diluted earnings per share from continuing operations excluding the per share impact of: (1) deemed preferred stock dividend of redeemable noncontrolling interest, (2) Non-operating benefit (income) costs; (3) restructuring costs; (4) acquisition, disposition related charges (benefits); (5) Spin-Off and separation costs; (6) (gain)/loss of business dispositions/divestments; (7) amortization of acquisition-related intangible assets; (8) investment revaluation (gain)/loss; (9) tax effect of reconciling items (items 1-8); and (10) certain tax adjustments as described in Adjusted tax expense definition below.

Standalone Adjusted EPS: Adjusted EPS including the per share impact of the effects of recurring and on-going costs to operate new functions required for a standalone company and interest expense associated with third party debt that management believes provide a better depiction of the operations of GE HealthCare as a standalone company.

The Company believes Adjusted net income, Adjusted EPS, and Standalone Adjusted EPS provide investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how it evaluates the business. These non-GAAP financial measures also provide management and investors with additional perspective regarding the impact of certain significant items on the Company’s condensed consolidated and combined earnings. However, they should not be construed as inferring that the Company’s future results will be unaffected by the items for which the measure adjusts.​

Adjusted tax expense and Adjusted effective tax rate (ETR): Adjusted tax expense is Income tax expense less the income tax related to pre-tax income adjustments above and certain income tax adjustments. Examples of certain income tax adjustments include the accrual of a deferred tax liability on the prior period earnings of certain of our foreign subsidiaries for which we are no longer permanently reinvested. Adjusted ETR is Adjusted tax expense divided by Income before income taxes less pre-tax income adjustments above. Adjusted tax expense and Adjusted ETR can be used by investors to review the income tax expense and effective tax rate for the Company’s operations on a consistent basis.

Free cash flow: Cash from (used for) operating activities – continuing operations adjusting for the effects of (1) additions to PP&E and internal-use software; (2) dispositions of PP&E; and (3) impact of factoring programs.

Free cash flow conversion: Free cash flow divided by Adjusted net income.

The Company believes that Free cash flow and Free cash flow conversion provide management and investors with important measures of the Company’s ability to generate cash on a normalized basis. These metrics also provide insight into the Company’s flexibility to allocate capital, including reinvesting in the company for future growth, paying down debt, paying dividends, and pursuing other opportunities that may enhance stockholder value. The Company believes investors may find it useful to compare Free cash flow performance without the effects of the factoring program discontinuation. However, they should not be construed as inferring that the Company’s future results will be unaffected by the items for which the measure adjusts.

Organic Revenue*

 

 

 

 

For the three months ended March 31

($ In millions)

2023

2022

% change

Imaging revenues

$

2,496

 

$

2,311

8%

Less: Acquisitions(a)

 

 

 

 

Less: Dispositions(b)

 

 

 

 

Less: Foreign currency exchange

 

(98

)

 

 

Imaging Organic revenue*

$

2,594

 

$

2,311

12%

Ultrasound revenues

$

859

 

$

815

5%

Less: Acquisitions(a)

 

 

 

 

Less: Dispositions(b)

 

 

 

 

Less: Foreign currency exchange

 

(40

)

 

 

Ultrasound Organic revenue*

$

899

 

$

815

10%

PCS revenues

$

781

 

$

716

9%

Less: Acquisitions(a)

 

 

 

 

Less: Dispositions(b)

 

 

 

 

Less: Foreign currency exchange

 

(17

)

 

 

PCS Organic revenue*

$

798

 

$

716

11%

PDx revenues

$

558

 

$

484

15%

Less: Acquisitions(a)

 

 

 

 

Less: Dispositions(b)

 

 

 

 

Less: Foreign currency exchange

 

(19

)

 

 

PDx Organic revenue*

$

577

 

$

484

19%

Other revenues

$

13

 

$

17

(24) %

Less: Acquisitions(a)

 

 

 

 

Less: Dispositions(b)

 

 

 

 

Less: Foreign currency exchange

 

 

 

 

Other Organic revenue*

$

13

 

$

17

(24) %

Total revenues

$

4,707

 

$

4,343

8%

Less: Acquisitions(a)

 

 

 

 

Less: Dispositions(b)

 

 

 

 

Less: Foreign currency exchange

 

(174

)

 

 

Organic revenue*

$

4,881

 

$

4,343

12%

(a)

Represents revenues attributable to acquisitions from the date we completed the transaction through the end of four quarters following the transaction.

(b)

Represents revenues attributable to dispositions for the four quarters preceding the disposition date.

Free Cash Flow*

 

 

 

 

For the three months ended March 31

($ In millions)

2023

2022

% change

Cash from (used for) operating activities – continuing operations

$

468

 

$

468

 

—%

Add: Additions to PP&E and internal-use software

 

(143

)

 

(100

)

 

Add: Dispositions of PP&E

 

 

 

3

 

 

Free cash flow*

 

325

 

 

371

 

(12) %

Unaudited Net Income to Adjusted EBIT* and Standalone Adjusted EBIT (estimated)*

 

For the three months ended March 31

($ In millions)

2023

2022

% change

Net income attributable to GE HealthCare

$

372

 

$

389

 

(4) %

Add: Interest and other financial charges – net

 

136

 

 

4

 

 

Add: Non-operating benefit (income) costs

 

(115

)

 

(2

)

 

Less: Benefit (provision) for income taxes

 

(163

)

 

(131

)

 

Less: Net (income) loss attributable to noncontrolling interests

 

(11

)

 

(13

)

 

EBIT*

$

567

 

$

534

 

6%

Add: Restructuring costs(a)

 

12

 

 

12

 

 

Add: Acquisition and disposition related charges (benefits)(b)

 

1

 

 

15

 

 

Add: Spin-Off and separation costs(c)

 

58

 

 

 

 

Add: (Gain)/loss of business dispositions/divestments(d)

 

 

 

(3

)

 

Add: Amortization of acquisition-related intangible assets

 

31

 

 

33

 

 

Add: Investment revaluation (gain)/loss(e)

 

(5

)

 

8

 

 

Adjusted EBIT*

$

664

 

$

599

 

11%

Less: Estimated standalone costs(f)

 

 

 

50

 

 

Less: Estimated incremental interest expense(g)

 

 

 

 

 

Less: Estimated tax effect of reconciling items(h)

 

 

 

 

 

Standalone Adjusted EBIT* (estimate)

$

664

 

$

549

 

21%

Net income margin

 

7.9

%

 

9.0

%

(110) bps

Adjusted EBIT margin*

 

14.1

%

 

13.8

%

30 bps

Standalone Adjusted EBIT margin* (estimate)

 

14.1

%

 

12.6

%

150 bps

(a)

Consists of severance, facility closures, and other charges associated with restructuring programs.

(b)

Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions.

(c)

Costs incurred in the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, and other one-time costs.

(d)

Consists of gains and losses resulting from the sale of assets and investments.

(e)

Primarily relates to valuation adjustments for equity investments.

(f)

Estimated 1Q’22 expense of recurring and ongoing costs required to operate new functions required for a public company such as external reporting, internal audit, treasury, investor relations, board of directors and officers, stock administration, and expanding the services of existing functions such as information technology, finance, supply chain, human resources, legal, tax, facilities, branding, security, government relations, community outreach, and insurance.

(g)

Estimated 1Q’22 additional interest expense related to the GE HealthCare debt issuances on November 22nd, 2022 and the draw down of the term loan on January 3rd, 2023, the amortization of original issue discount and deferred, debt issuance costs, and certain Euro to U.S. Dollar cross currency interest rate swap arrangements with a notional amount of $2.0 billion. Interest expense was calculated assuming constant debt levels throughout the periods.

(h)

Estimated 1Q’22 tax effect was determined by applying the respective statutory tax rates to the pre-tax adjustments, as appropriate, in jurisdictions where valuation allowances were not required. The applicable tax rates could be impacted (either higher or lower) depending on many factors including, but not limited to, the profitability in local jurisdictions and may be different from the estimate.

Contacts

Investor Relations Contact:

Carolynne Borders

+1-631-662-4317

[email protected]

Media Contact:
Tor Constantino

+1-585-441-1658

[email protected]

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