Pandemic effects hit Canon Medical Q2 results

By staff writers

July 28, 2020 -- Delays in equipment installations and limited sales and marketing activities due to the impact of the COVID-19 pandemic led to a slight decline in revenue for Canon Medical Systems in its second quarter.

For the period (end-June 30), Canon Medical Systems had revenues of $969.2 million, down 3.1% from the $1.05 billion reported in the second quarter of 2019. Although sales increased for CT scanners, diagnostic x-ray systems, and related components, the cancellations of academic conferences and trade shows in the wake of COVID-19 resulted in fewer opportunities to hold business discussions with customers, according to the company. Delays in equipment installations also contributed to the drop in sales, Canon said.

Canon Medical's income before income taxes climbed 73% to reach $57.1 million, however, thanks to cost-cutting measures, according to the company. Looking ahead, Canon said it expects only a gradual recovery in demand due to the prolonged impact of COVID-19.

Copyright © 2020

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