Philips posts mixed Q1 results

By staff writers

April 25, 2022 -- Philips Healthcare parent company Royal Philips posted mixed results for its first quarter of 2022, as currency effects and supply-chain issues continued to be a drag on revenues in some of the company's core medical equipment businesses.

The company's Diagnosis and Treatment business posted sales for the quarter (end-March 31) of 1.911 billion euros ($2.047 billion), with sales down by 2% after currency adjustment compared with the same period the year before. Overall, the Diagnosis & Treatment business posted operating income of 88 million euros ($94.3 million) for the quarter, down 5.4% from 2021's 93 million euros ($99.5 million). The segment's first-quarter adjusted earnings before interest, taxes, and amortization (EBITA) were 113 million euros ($121 million), down 30% compared with 162 million euros ($173.6 million) in 2021.

Among specific segments in the Diagnosis & Treatment group, the company's image-guided therapy segment saw high-single-digit growth, although its ultrasound and diagnostic imaging segments posted declines, which Philips attributed to supply chain shortages.

In its financial report, the company highlighted a new contract it signed during the quarter with Oulu University Hospital in Finland to provide image-guided therapy and contracts in the U.K. for its Radiology Operations Command Center.

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