Philips grows medical sales and profit in Q2

By AuntMinnie.com staff writers

July 23, 2018 -- Royal Philips saw revenue grow 8% after currency adjustments in the second quarter of fiscal 2018 (end-June 30) in its Diagnosis and Treatment division, which includes the company's medical imaging operations, while operating income grew a similar amount. The company said it saw double-digit growth for the medical division in China, Latin America, and Central and Eastern Europe.

For the period, the Diagnosis and Treatment division posted sales of $2.06 billion (1.761 billion euros), up 5% before currency adjustment from $1.95 billion (1.671 billion euros) in the same quarter of 2017, and up 8% after taking into account currency changes. The unit's operating income was $172 million (147 million euros), up 8% from operating income of $130 million (111 million euros) in the second quarter of 2017.

The company said the Diagnosis and Treatment division saw double-digit growth in image-guided therapy, growth in the high single digits in ultrasound, and midsingle-digit growth in diagnostic imaging. On a geographical basis, sales in China, Latin America, and Central and Eastern Europe saw double-digit growth, North America and Western Europe saw midsingle-digit growth, and other mature geographies saw double-digit growth.

In a statement that accompanied the results, Philips CEO Frans van Houten said he was "pleased with the continued strong improvement" in the Diagnosis and Treatment division and also encouraged by order intake growth in the midsingle digits in the Connected Care and Health Informatics business.


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