Revenue fell marginally to $4.6bn (£3.7bn) and was broadly flat on an organic basis year-on-year due to falling volume which was partially offset by rising prices.

Net income was $374m versus $372m for the prior year, with adjusted EBIT at $681m versus $664m.

GE HealthCare president and chief executive, Peter Arduini, said: ‘We made good progress against 2024 priorities in the first quarter. We delivered margin expansion, while continuing to invest in innovation to solve the evolving needs of customers and patients. This is reflected in our healthy backlog, orders growth, and positive book-to-bill.

‘We also closed the acquisition of MIM Software earlier this month as we accelerate our precision care strategy. We expect to see business growth weighted toward the second half of 2024 consistent with our previous comments, and we remain on track to deliver our guidance for the year.'

Arduini also noted the company's ‘notable progress' with its R&D strategy, adding: ‘We received FDA clearances that will allow us to advance our product portfolio, entered strategic research partnerships, and announced long-term collaborations to supply customers with our innovative technology. Our double-digit growth in R&D affirms our commitment to technological advancement, strengthening our new product innovation pipeline, and fueling revenue expansion opportunities.'