Recent acquisitions drove strong third-quarter revenue growth for Philips Medical Systems. The Andover, MA, subsidiary of Dutch multinational conglomerate Royal Philips Electronics last week reported sales of 1.54 billion euros ($1.497 billion) for the quarter, up 34% compared to sales of $1.114 billion in the same period a year earlier.
The division reported a loss of $10.7 million, however, primarily due to a one-time impairment charge of $46.7 million related to the company’s Health Care Products accessories and supplies business, and other one-time charges totaling $41.8 million. Philips is selling the HCP business to a private equity firm, Platinum Equity Holdings of Los Angeles. The medical systems division had a loss of $74.8 million in the third quarter of 2001.
Excluding one-time items, the medical business had operating income of $77.8 million in the most recent quarter, compared with $71 million in operating income in the same period a year ago.
By AuntMinnie.com staff writersOctober 21, 2002
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