GE HealthCare Posts 5% Order Growth, Sees Photon-Counting CT Driving 2027 Revenue
GE HealthCare delivered 5% order growth and 3.5% organic revenue growth in 2025 and reiterated 2026 organic revenue guidance of 3%-4%, expecting photon-counting CT approvals this year with meaningful revenue in 2027. The $1.2 billion SaaS business is forecast to hit $1.8 billion, while innovation investments and tariff mitigation continue.
1. 2025 Performance and 2026 Guidance
GE HealthCare reported 5% full-year orders growth and 3.5% organic revenue growth in 2025, positioning the business for continued momentum. For 2026, management reaffirmed organic revenue guidance of 3% to 4%, forecasting 2% to 3% growth in Q1 and stronger expansion in later quarters.
2. Photon-Counting CT Pipeline
The Photonova Spectra photon-counting CT is expected to gain regulatory approval this year, with initial orders arriving in 2026 and significant revenue contributions slated for 2027. Executives highlighted extended sales cycles for capital-intensive imaging systems, requiring customer education, facility buildout, and installation.
3. SaaS and Digital Growth
The software-as-a-service and digital portfolio generated $1.2 billion in revenue and is projected to grow to $1.8 billion in the coming years. GE HealthCare has over 100 FDA-approved AI-enabled devices such as AIR Recon DL, sold both on new systems and as add-ons.
4. Innovation Investment and Tariff Mitigation
Innovation investment has ramped over the past five years, shifting R&D costs into cost of goods as products near launch to achieve parity with peers. Management continues to mitigate 301 and 232 tariff impacts, noting that recent tariff rollbacks were offset by new levies and emphasizing long-term R&D and SG&A funding.