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GE Healthcare's Q2 Revenue, Profit Slide

NEW YORK (GenomeWeb News) — General Electric today said that second-quarter revenue for its Healthcare division slipped slightly as income declined 8 percent.
GE Healthcare’s receipts for the three months ended June 30 dipped to $4.13 billion from $4.16 billion year over year.
GE Healthcare’s earnings for the quarter dipped to $731 million from $795 million in the second quarter of 2006.
GE did not break out its research and development expenses for the Healthcare segment.
GE CEO Jeffrey Immelt said that GE Healthcare was hurt in the quarter by the federal government’s Deficit Reduction Act and the “continued regulatory suspension on shipments of surgical supplies by our OEC business,” which was greater than expected.”
In the short term, he said, “these challenges more than offset strong performances in our other Healthcare businesses. However, the future of this business remains solid."
GE's total revenues for the quarter were $42.3 billion, up from $37.7 billion during the same period last year.
GE said yesterday it has terminated its plan to buy Abbott Technologies’ in vitro and point-of-care diagnostics businesses for $8.13 billion.

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