On Tuesday, GE HealthCare Technologies Inc improved its annual profit forecast after exceeding quarterly earnings expectations due to easing supply chain concerns that had mostly hit electrical components during the pandemic.

The X-ray and ultrasound machine manufacturer was able to keep expenses under control while simultaneously seeing an improvement in output and pricing due to the availability of electronic components, an issue that it and other industries had been dealing with.

GE HealthCare's product costs increased by over nine percent in the second quarter compared to the same period last year, while sales increased by a quicker 11 percent.

Recovery in the procurement of capital-intensive equipment is being driven by an increase in demand for healthcare services.

As patients underwent their postponed surgeries last week, Johnson & Johnson and Abbott Laboratories, which produce medical equipment like heart stents and implants, topped quarterly profit projections.

In line with expert expectations, GE HealthCare announced total quarterly sales of $ 4.8 billion on Tuesday.

This was made up of sales of imaging equipment such magnetic resonance imaging (MRI) systems worth $ 2.6 billion and ultrasound systems for $839 million.

One of the three companies that left General Electric earlier in January is GE HealthCare.

The healthcare equipment company runs four medical device businesses, with imaging being the largest: patient care solutions, imaging and ultrasound devices, and pharmaceutical diagnostics.

The medical equipment manufacturer has raised its projected earnings for 2023 from $3.60 to $3.75 per share to $3.70 to $3.85 per share on an adjusted basis.

In the quarter that ended in June, GE HealthCare earned 92 cents per share after products, exceeding Refinitiv IBES projections of 87 cents per share.