Philips records imaging equipment growth in Q3

By AuntMinnie.com staff writers

October 22, 2018 -- Philips Healthcare parent Royal Philips reported that sales climbed in its diagnosis and treatment businesses in its third quarter, but dipped in its connected care and healthcare informatics units.

For the period (end-September 30), the vendor recorded sales of 1.75 billion euros ($2.01 billion U.S.) in its diagnosis and treatment businesses, up 6% on a comparable basis from the 1.64 billion euros ($1.9 billion) reported in the third quarter of 2017. The businesses had adjusted earnings before interest, taxes, and amortization (EBITA) of 212 million euros ($243.1 million), up from 191 million euros ($219.1 million) in the same period a year ago.

Quarterly highlights included double-digit growth in ultrasound, high single-digit growth in image-guided therapy, and mid single-digit growth in diagnostic imaging, according to the vendor.

The firm's connected care and healthcare informatics businesses produced 741 million euros ($849.8 million), down 2% on a comparable basis from the 751 million euros ($861.3 million) reported in what Philips said was a very strong third quarter of 2017. In addition, adjusted EBITA dropped from 96 million euros ($110.1 million) last year to 81 million euros ($92.9 million).

Mid single-digit growth in therapeutic care was partly offset by low single-digit declines in healthcare informatics, as well as monitoring and analytics, Philips said.

In other Philips news, the vendor announced it has initiated a share repurchase program that will involve buying up to 5 million shares to cover its obligations arising from its long-term incentive and employee stock purchase plans. At the current share price, this program represents an amount of up to 174 million euros ($199.6 million). The program started on October 22 and is expected to be completed before November 10, the company said.


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