Siemens Q1 revenues dip despite growth in imaging sales

2021 11 28 20 00 6152 Siemens Rsna 2021 400

An over 5% increase in comparable revenue in its Imaging segment wasn't enough to make up for markedly lower revenue from rapid COVID-19 antigen tests for Siemens Healthineers in its 2023 fiscal first quarter.

For the period (end-December 31), Siemens had revenues of 5.08 billion euros ($5.54 billion), up 0.2% on an actual basis and down 4.5% from the 5.07 billion euros ($5.53 billion) reported in the fiscal first quarter of 2022. Excluding the expected drop in revenue from the rapid COVID-19 antigen tests, Siemens would have had 0.7% comparable revenue growth. The vendor had net income of 426 million euros ($464.7 million) for the quarter, down from 472 million euros ($514.9 million) a year ago.

In positive developments, Imaging revenues reached 2.74 billion euros ($2.99 billion), up 9.2% on an actual basis and 5.2% on a comparable basis from the 2.5 billion euros ($2.73 billion) in the fiscal first quarter last year. The company highlighted "very strong growth" in MR products.

Geographically, Siemens said it generated significant growth in the Asia Pacific Japan region and strong growth in the Americas region. The EMEA region produced moderate growth, while the China region declined significantly due to pandemic-related reasons, Siemens said.

The Imaging segment had adjusted earnings before interest and taxes (EBIT) of 572 million euros ($624 million), up from 496 million euros ($541.1 million) in the 2022 fiscal first quarter.

In other results, Siemens' Varian radiation oncology segment had 770 million euros ($840 million) in revenue, up 1% on an actual basis and down 4.5% on a comparable basis from the 763 million ($832.3 million) produced in the same period last year. The revenue decline was attributed to delays at a supplier that have since been resolved, according to Siemens. The segment produced adjusted EBIT of 112 million euros ($122.8 million), compared with 137 million euros ($149.5 million) a year ago.

Meanwhile, the company's advanced therapies division had 474 million euros ($517.1 million) in first-quarter revenues, up 8.5% on an actual basis and 5% on a comparable basis from the 437 million euros ($476.7 million) turned in a year ago.

Looking ahead, Siemens expects to report overall comparable revenue growth of between -1% and 1% for the 2023 fiscal year compared with fiscal 2022. Excluding revenue from the rapid COVID-19 antigen tests, comparable revenue growth would be expected to range between 6%-8%, Siemens said.

The company said it also still anticipates that adjusted basic earnings per share will range between 2-2.20 euros ($2.20-$2.40) per share.

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