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GE HealthCare CFO to Step Down; Company Reports Preliminary 5.7% Q2 Revenue Growth
Summary
GE HealthCare announced its Chief Financial Officer, Jay Saccaro, will depart the company in August. The medical device maker also issued preliminary second-quarter results, projecting a 5.7% revenue increase and reaffirming its full-year guidance.
GE HealthCare announced Thursday that Chief Financial Officer Jay Saccaro will step down from his role, a move that coincided with the release of preliminary second-quarter results indicating steady revenue growth and a reaffirmation of the company's full-year financial outlook.
Executive Transition
According to the company, Saccaro is leaving to pursue an opportunity outside the medical technology industry. He will remain with GE HealthCare through August 14 to ensure a smooth handover.
The Chicago-based firm has appointed its current controller and chief accounting officer, George Newcomb, to serve as interim CFO. A search for a permanent replacement is now underway.
Preliminary Q2 Performance and Outlook
AdIn a move that may temper market uncertainty from the executive departure, GE HealthCare provided an early look at its second-quarter performance. The company said it expects to report solid top-line growth, signaling continued demand for its products and services.
Key preliminary figures from the announcement include:
- Expected total revenue increase of 5.7% from the prior-year period.
- Expected organic revenue growth of 3.5%.
Significantly for investors, the company also reaffirmed its full-year forecast. This suggests that the leadership change is not expected to alter the firm's underlying financial trajectory or strategic plans for the remainder of the year.
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