We will elaborate further on our plans for Philips at our fourth quarter and annual results publication in January 2023.. Group and business segment performance Philips performance in the quarter was impacted by operational and supply challenges, inflationary pressures, the COVID situation in China and the Russia-Ukraine war, resulting in Group sales of EUR 4.3 billion, reflecting a 5% comparable sales decline, and an Adjusted EBITA of EUR 209 million, or 4.8% of sales. Use of fair value information In presenting the Philips Groups financial position, fair values are used for the measurement of various items in accordance with the applicable accounting standards. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. We are replacing or repairing the devices related to the Respironics field action as fast as possible and are continuing to update patients and customers about the progress of the program. Philips Investor Relations Tel:+31 20 59 77055. Company has revised full-year 2022 outlook to 1-3% comparable sales growth and around 10% Adjusted EBITA margin, driven by 6-9% comparable sales growth in the second half of 2022 Philips Respironics continues to make solid progress with the repair and replacement program for the CPAP, BiPAP and mechanical ventilator devices affected by the June 2021 field safety notice, and published encouraging results related to the comprehensive test and research program to assess the possible health risks. Demonstrating the trust hospital leaders have in Philips ability to help them enhance health outcomes, lower the cost of care and improve patient and staff experience, the company signed multiple new long-term strategic partnerships across the world. Click here to read moreClick here to read less. Conference call and audio webcast A conference call with Frans van Houten, CEO, and Abhijit Bhattacharya, CFO, to discuss the results will start at 10:00AM CET, April 25, 2022. For the full-year 2022, we expect to deliver 1-3% comparable sales growth and around 10% Adjusted EBITA margin. Request Information Older/Archived Annual Reports Comparable order intake increased 3% on the back of 15% growth in Q3 2021. Based on Philips Azurion, this solution enhances the accuracy of biopsy procedures and provides a therapy option to immediately treat early-stage lung cancer patients. The Across our businesses, we have stepped up our actions on productivity, pricing, and strengthening supply chain resilience to mitigate the ongoing headwinds and associated risks. Our Sweeny Frac 4 started up on time and under budget. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Philips' Annual Report 2021 might be on the agenda of the Annual Basic Assembly of Shareholders (AGM), to be held on Could 10, 2022. In certain cases independent valuations are obtained to support managements determination of fair values. You can sign up for additional subscriptions at any time. These fair values are based on market prices, where available, and are obtained from sources that are deemed to be reliable. Highlights of Philips ongoing focus on innovation and customer partnerships in the quarter: Philips Respironics field action for specific sleep therapy and ventilator devices Philips Respironics continued to make progress with the repair and replacement program and the comprehensive test and research program for the CPAP, BiPAP and mechanical ventilator devices affected by the June 2021 field safety notice. When quoted prices or observable market data are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Comprehensive testing and analyses related to the affected CPAP and BiPAP devices are expected to be completed in the second quarter of 2022. The results show that the Tack endovascular system provides a sustained treatment effect for patients with critical limb ischemia, a severe stage of peripheral arterial disease. Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips generated 2021 sales of EUR 17.2 billion and employs approximately 79,000 employees with sales and services in more than 100 countries. Our site can best be viewed with the latest version of Microsoft Edge, Google Chrome or Firefox. Comparable order intake increased 3% on the back of 29% comparable order intake growth in Q2 2021, with growth across all businesses, reflecting ongoing solid demand for Philips portfolio. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. This company has a Sustainability Report available to view on our partner site, ResponsibilityReports.com, Phillips 66 is a diversified energy manufacturing and logistics company. Use of non-IFRS information In presenting and discussing the Philips Groups financial position, operating results and cash flows, management uses certain non-IFRS financial measures. As communicated earlier, Philips intends to have 19,571,218 shares delivered through the early settlement of forward contracts (entered into as part of the same share repurchase program) and to cancel those as well, which would result in 869,743,864 issued common shares at year-end 2022 (2021: 883,898,969). Adjusted EBITA margin of 14-15% by 2025. Forward-looking statements This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Philips has recognized a provision related to the voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products, based on Philips best estimate for the expected field actions. It highly delivers market insights based on the . In China, we signed an agreement with Shanghai East Hospital to provide its hospitals in the Shandong and Hainan provinces with a broad range of advanced imaging and critical care solutions. Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. However, we face multiple challenges and our Q3 2022 performance reflects this. Philips completed the global introduction of its new Philips Shaver S9000 with SkinIQ with its launch in Japan, resulting in accelerated sales growth for this category, and a 4.9 (out of 5) consumer rating and review score within the first month. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Second-quarter results included $70 million of costs related to the finalization of RIN obligations for prior year compliance periods and $26 million of costs related to the conversion of the Alliance Refinery to a terminal. Over the past decade Philips has transformed into a focused leader in health technology. Philips has recognized a provision related to the voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products, based on Philips' best estimate for the expected field actions. The convocation notice and the agenda, including. Based on these actions, the strong fundamentals of our businesses, and taking our 2022 outlook into account, we now expect to deliver comparable sales growth of 4-6% and an Adjusted EBITA margin of 14-15% by 2025, with further improvement thereafter.. On August 17, 2022, Phillips 66 announced a realignment of its economic and governance interests in DCP Midstream, LP and Gray Oak Pipeline, LLC (Gray Oak Pipeline) resulting from the merger of DCP Midstream, LLC and Gray Oak Holdings, LLC. Following the FDAs inspection of certain of Philips Respironics facilities in the US in 2021 and the subsequent inspectional observations, the US Department of Justice, acting on behalf of the FDA, recently began discussions with Philips regarding the terms of a proposed consent decree to resolve the identified issues. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Following another wave of Philips Respironics comprehensive patient and customer communication outreach and based on current insights, the total expected units to be remediated have increased by approximately 300,000, primarily in the US. Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes. (, Group sales amounted to EUR 3.9 billion, with a 4% comparable sales decline on the back of 9% comparable sales growth in Q1 2021, Comparable order intake increased 5%, driven by the Diagnosis & Treatment businesses and Hospital Patient Monitoring, Income from continuing operations amounted to a loss of EUR 152 million, compared to a loss of EUR 34 million in Q1 2021, Adjusted EBITA of EUR 243 million, or 6.2% of sales, compared to 9.5% of sales in Q1 2021, Operating cash flow was an outflow of EUR 227 million, compared to an inflow of EUR 321 million in Q1 2021, Philips provides update on Philips Respironics field action related to specific CPAP, BiPAP and mechanical ventilators. Reference is also made to Risk management in the Philips semi-annual report 2022. We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. The Adjusted EBITA margin was 6.2%, mainly due to the decline in sales, cost inflation and an unfavorable mix impact, partly offset by productivity measures. CPChems Specialties, Aromatics and Styrenics (SA&S) business contributed third-quarter adjusted pre-tax income of $60 million, in line with the second quarter. Philips has recognized a provision related to the voluntary recall notification in the US/field safety notice outside the US for certain sleep and respiratory care products, based on Philips best estimate for the expected field actions. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Forward-looking statements This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. This press release was distributed at 07:00 am CET on July 25, 2022. On April 8, 2022, Philips Respironics and certain of Philips subsidiaries in the US received a subpoena from the US Department of Justice to provide information related to events leading to the Respironics recall. The book-to-bill ratio was 1.18, and the equipment order book grew further in the quarter. Radiologists, technologists, administrators, and industry professionals can find information and conduct e-commerce in MRI, mammography, ultrasound, x-ray, CT, nuclear medicine, PACS, and other imaging disciplines. Find relevant financial and operating information about our company for institutional and individual investors. During the quarter, an indicator of impairment was identified for the Sleep & Respiratory Care cash-generating unit (CGU) as a consequence of revisions to the expected future cash flows of the CGU. With this latest expansion, we are now processing over 550,000 barrels per day of natural gas liquids at our Sweeny Hub. The total shareholder dividend for FY2022 was 325 US cents, an annual cash return of a record US$16.4 billion to shareholders and representing a 77 per cent payout ratio. I am also pleased with the 8% comparable sales growth for our Personal Health businesses, which demonstrates continued strong consumer demand for our propositions enabling people to take care of their health and well-being. Philips continues to successfully expand into ambulatory care. Philips Global Press Office Tel: +31 6 1521 3446. Presentation All amounts are in millions of euros unless otherwise stated. *) Non-IFRS financial measure. The impairment charge was calculated by comparing the carrying amount of the Sleep & Respiratory Care CGU with its recoverable amount, the basis of which is value in use. Philips is successfully expanding into interventional oncology with the installation of its innovative lung cancer diagnosis and treatment solution Lung Suite in hospitals in Belgium, France, Israel, and the UK. We are implementing additional cost measures, as well as price increases, to mitigate the inflationary headwinds., Our customers confirm the relevance of our strategy and portfolio, as evidenced by the further growth of our all-time-high order book. These factors include but are not limited to: Philips ability to gain leadership in health informatics in response to developments in the health technology industry; Philips ability to transform its business model to health technology solutions and services; macroeconomic and geopolitical changes; integration of acquisitions and their delivery on business plans and value creation expectations; securing and maintaining Philips intellectual property rights, and unauthorized use of third-party intellectual property rights; Philips' ability to meet expectations with respect to ESG-related matters; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; breaches of cybersecurity; Philips' ability to execute and deliver on programs on business transformation and IT system changes and continuity; the effectiveness of our supply chain; attracting and retaining personnel; COVID and other pandemics; challenges to drive operational excellence and speed in bringing innovations to market; compliance with regulations and standards including quality, product safety and (cyber) security; compliance with business conduct rules and regulations; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements. AuntMinnieEurope.com is the largest and most comprehensive community Web site for medical imaging professionals worldwide. Market Abuse Regulation This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Frac 4 achieved full rates in early October. The Connected Care businesses comparable sales decreased 21%, mainly due to the consequences of the Respironics field action. Click here to read moreClick here to read less. Philips ongoing focus on innovation and partnerships resulted in the following key developments in the quarter: Cost savings Our cost savings programs delivered EUR 97 million in the first quarter. The report outlines the success of more than 75 projects in 2020 that resulted in 7.5 million people in disadvantaged communities around the world having access to affordable . February 22, 2022 Amsterdam, the Netherlands Royal Philips (NYSE: PHG, AEX: PHIA)), a global leader in health technology, today published its Annual Report. The Adjusted EBITA margin was 9.1%, mainly due to the decline in sales and cost inflation. Philips received clearance from the Chinese National Medical Products Association (NMPA) to launch its helium-free operations MR Ingenia Ambition, which is produced in China for the Chinese market. Selected products The relevant subsidiaries are cooperating with the agency. Securing a EUR 1 billion credit facility. High- single-digit growth in Image-Guided Therapy was more than offset by a decline in Ultrasound and in Diagnostic Imaging due to electronic component shortages, and on the back of strong growth in these businesses last year. Report this post Last year, 63% of our Personal Health sales were from green products and solutions and we're another step closer to becoming carbon-neutral in our own operations in 2020. Market Abuse Regulation This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Through Philips advanced enterprise monitoring offering, the hospital will transition from stand-alone devices towards a scalable enterprise-wide patient monitoring solution that keeps care teams connected and informed for enhanced patient care management. In connection with the previously announced initiative to enhance productivity in R&D, Philips recorded a non-cash charge in the third quarter of EUR 168 million. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements. Forward-looking statements can be identified generally as those containing words such as anticipates, assumes, believes, estimates, expects, should, will, will likely result, forecast, outlook, projects, may or similar expressions. Highlights Group sales amounted to EUR 4.3 billion, with a 5% comparable sales decline, in line with the update provided on October 12, 2022 Comparable order intake decreased 6% on the back of 47% growth in Q3 2021 Income from operations amounted to a loss of EUR 1.5 billion, mainly due to the previously disclosed EUR 1.5 billion non-cash goodwill and R&D impairment, compared to an income of EUR 358 million in Q3 2021 Adjusted EBITA of EUR 209 million, or 4.8% of sales, compared to EUR 512 million, or 12.3% of sales, in Q3 2021 Immediate restructuring actions initiated, with approximately EUR 300 million charges expected in the coming quarters Operating cash flow was an outflow of EUR 180 million, compared to an inflow of EUR 256 million in Q3 2021 Roy Jakobs appointed as President and CEO of Royal Philips per October 15, 2022, Roy Jakobs, CEO of Royal Philips: I am honored to have been given the responsibility to lead Philips, a great company with a strong brand, leading product portfolio, strong customer base and talented employees. Headquartered in Houston, the company has 14,500. employees committed to safety and operating excellence. News about Philips can be found at, Forward-looking statements and other important information, https://www.philips.com/a-w/about/news/archive/corpcomms/news/press/2022/philips-second-quarter-results-2022.html. The decrease was primarily due to lower realized margins, partially offset by higher volumes. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2021 except for the adoption of new standards and amendments to standards which are also expected to be reflected in the company's consolidated financial statements for the year ending December 31, 2022. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. You are about to visit a Philips global content page. We demonstrated our commitment to shareholder distributions, returning $1.2 billion through share repurchases and dividends during the quarter. Group and business segment performance Philips performance in the quarter was impacted by operational and supply challenges, inflationary pressures, the COVID situation in China and the Russia-Ukraine war, resulting in Group sales of EUR 4.3 billion, reflecting a 5% comparable sales decline, and an Adjusted EBITA of EUR 209 million, or 4.8% of sales. Presentation All amounts are in millions of euros unless otherwise stated. The Diagnosis & Treatment businesses comparable sales decreased 2% on the back of 10% growth in Q3 2021. Readers are cautioned that these values are subject to changes over time and are only valid at the balance sheet date. Looking ahead to 2023 and beyond, while we continue to see risks and a challenging macro-environment, we expect our supply chain measures to take full effect, resulting in a significant improvement in the conversion of our order book to revenue. Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Comparable order intake declined 6% on the back of strong 47% growth in Q3 2021.
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