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GE Healthcare's Q2 sales stall, profits slide

Mon, 07/23/2012 - 12:12pm
Mass Device

Second-quarter sales stalled and profits slid 2.4% for GE Healthcare, the world's 4th-largest medical device company.

GE Healthcare

The world's 4th-largest medical device company posted flat sales and a profit slide as the economic crisis in southern Europe and the strong dollar took a toll on GE Healthcare (NYSE:GE).

GE Healthcare logged profits of $694 million on sales of $4.50 billion during the 3 months ended June 30, down 2.4% and up less than half a percent, respectively, compared with the same period last year.

CFO Keith Sherin told analysts on a conference call that lower prices and "execution challenges" in Latin America drove the profit slide.

"Excluding those, we would have had healthcare up about 2% in the quarter," Sherin said during the call.

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