Philips posts mixed Q1 results

2021 11 30 16 08 9693 Philips Rsna 2021 400

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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