Philips posts mixed fourth quarter, end-of-year results

Philips has posted mixed results for its fourth quarter, end-of-year financial results.

For the quarter (end-December 31), Philips reported group sales revenue of 5.1 billion euros ($5.5 billion), down from 2022's 5.4 billion euros ($5.8 billion); for the full-year period, the company recorded 18.2 billion euros ($19.7 billion).

Philips' Diagnosis and Treatment business, which hosts most of the company's medical imaging products, saw sales increase by 11% for the full year on a comparable basis due to double-digit growth in image-guided therapy and precision diagnosis. For the quarter, the business grew by 5%, with high-single-digit growth in Image Guided Therapy.

The firm's Connected Care business, which includes Philips' imaging informatics portfolio, contributed a 5% increase in sales growth for the year; for the quarter, sales in this segment were flat, although Philips' Enterprise Informatics segment did post high single-digit growth.

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