Philips healthcare business posts 10% increase in Q3 sales

By staff writers

October 18, 2021 -- Philips posted a 10% increase in sales for its global Diagnosis & Treatment businesses during the third quarter of 2021, growth that helped offset "headwinds" in other parts of the company's business due to supply chain issues.

For the period, Philips' Diagnosis & Treatment unit had sales of 2.154 billion euros ($2.501 billion U.S.), compared with 1.971 billion euros ($2.289 billion U.S.), in the third quarter of 2020. Sales growth was 9% on a nominal basis and 10% after adjustment for currency effects.

The company said it saw double-digit growth in its image-guided therapy and enterprise diagnostic informatics segments, with growth in the high single digits in its ultrasound and diagnostic imaging businesses. Order intake increased by 15%, compared with a 3% decline for the same period last year.

On a profit basis, the Diagnosis & Treatment businesses had income from operations of 271 million euros ($314.8 million), up from 2020's 99 million euros ($115.5 million). Adjusted earnings before interest, taxes, and amortization (EBITA) margin as a percent of sales increased from 9.7% to 14.2%, the company said.

In its financial report, the company highlighted the release of its new Spectral CT 7500 system, and a contract with the Yili Chuanxin Oncology hospital in Xinjiang for its IntelliSpace Digital Pathology and the Ingenia 3.0T MR, IQon Spectral CT, Incisive CT, and CT Big Bore imaging systems.

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