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Koninklijke Philips N.V., commonly known as Philips, is a Dutch multinational conglomerate corporation founded in Eindhoven in 1891. With its headquarters in Amsterdam since 1997, Philips remains rooted in Eindhoven where its Benelux headquarters is located. Philips is a diversified global healthcare company that operates across three primary segments: diagnosis and treatment, connected care, and personal health.
The diagnosis and treatment segment, generating roughly 50% of Philips’ revenue, includes imaging systems, ultrasound equipment, image-guided therapy solutions, and healthcare informatics. The connected care segment, responsible for about 30% of revenue, focuses on monitoring and analytics systems for hospitals, along with devices for sleep and respiratory care. The personal health segment covers the remaining revenue, with products such as electric toothbrushes and men’s grooming and personal-care items.
Philips’ recent achievements highlight the company's ongoing commitment to innovation and partnerships. In April 2024, Philips announced a collaboration with actor Adam Scott for a campaign promoting the Philips Norelco shaving and grooming line, emphasizing personal growth and self-expression. Furthermore, Philips has reached key agreements with the US Department of Justice and the FDA regarding regulatory consent decrees to improve safety and quality in their Respironics operations.
In terms of financial health, Philips reported sales of EUR 18.2 billion in 2023 and employs about 69,700 people worldwide. The company continues to expand its influence with strategic projects such as a 10-year collaboration with Nicklaus Children’s Health System to enhance pediatric care through advanced diagnostic technologies.
Philips remains focused on leveraging AI in healthcare. In June 2024, Philips introduced a next-generation AI-enabled cardiovascular ultrasound platform to streamline cardiac ultrasound analysis. Furthermore, studies presented at the Heart Rhythm Annual Meeting in Boston demonstrated the clinical and economic benefits of Philips' AI-powered cardiac care solutions, underscoring the company's role in improving diagnosis and reducing healthcare costs.
Philips is dedicated to maintaining robust investment-grade credit ratings and has recently priced EUR 700 million in fixed-rate notes. The company continues to optimize its financial structure while innovating in health technology, ensuring sustained growth and value creation for its stakeholders.
Philips (NYSE: PHG, AEX: PHIA) has published its Annual Report 2024, which will be discussed at the Annual General Meeting of Shareholders (AGM) scheduled for May 8, 2025. The company has filed the report with the Netherlands Authority for the Financial Markets (AFM) in European Single Electronic Format (ESEF) and plans to file Form 20-F with the U.S. Securities and Exchange Commission.
The Annual Report 2024 is accessible to shareholders and interested parties at www.results.philips.com, with printed copies available upon request via annual.report@philips.com.
Philips (NYSE: PHG) and Mass General Brigham (MGB) announced a collaboration to develop and deploy advanced data infrastructure and AI for improving patient care. The partnership aims to create a unified, near real-time data and insights ecosystem by integrating live healthcare data from multiple sources.
The collaboration will utilize Philips technologies including Capsule Medical Device Information Platform, Clinical Insights Manager, and Capsule Surveillance to combine data from bedside medical devices with longitudinal clinical data. The system will enable continuous algorithmic processing to deliver smart alerts into live clinical practice.
An initial research program focuses on patients under continuous heart monitoring, aiming to improve early detection of cardiac events. The joint effort combines MGB's biomedical engineering, clinical specialists, and AI expertise with Philips' research capabilities to develop new algorithms for identifying patient-cohort patterns and generating actionable clinical insights.
Philips (NYSE: PHG) announced changes to its Supervisory Board and Board of Management. David Pyott will retire after serving three consecutive terms since 2015. The company proposed Bob White, former Executive Vice President at Medtronic, as a new Supervisory Board member and future Chair of the Quality & Regulatory Committee.
The company also proposed reappointments of Indra Nooyi and Chua Sock Koong to the Supervisory Board, citing their valuable contributions in areas including consumer products, technology, digitization, and financial expertise. Additionally, Marnix van Ginneken was proposed for reappointment to the Board of Management.
The Annual General Meeting of Shareholders will be held on May 8, 2025, where these appointments will be considered.
Philips reported its Q4 and 2024 financial results, showing growth and improved profitability. Key highlights include:
Sales reached EUR 18.0 billion in 2024 with 1% comparable growth, despite significant decline in China. The company achieved an Adjusted EBITA margin increase of 90 basis points to 11.5% in 2024, and generated EUR 906 million in free cash flow.
Notable developments include finalization of Respironics recall-related settlements in US, maintained dividend at EUR 0.85 per share, and increased productivity savings target from EUR 2 billion to EUR 2.5 billion for 2023-2025. For 2025, Philips projects 1-3% comparable sales growth, with China expecting mid to high-single-digit decline.
The company strengthened its innovation pipeline with FDA clearances for new CT systems and expanded collaboration with Amazon Web Services for cloud-based diagnostics solutions.
Philips (NYSE: PHG) has announced a major healthcare initiative in Ukraine in collaboration with the World Bank and Ukraine's Ministry of Health. The program aims to modernize stroke and cardiovascular care across the country by establishing an advanced nationwide acute stroke treatment network.
The initiative includes the deployment of 25 Azurion interventional suites for minimally invasive stroke treatments, with 19 systems already installed in key regions including Dnipro, Sumy, Kharkiv, Lviv, Zaporizhzha and Odesa. These systems support complex neurovascular procedures like thrombectomies and integrate software tools to enhance care coordination.
The program addresses Ukraine's growing stroke care demand, which is nearly doubling due to war damage and displaced populations. Approximately 140,000 Ukrainians experience stroke annually. The initiative also includes comprehensive clinical training for physicians in Poland to ensure optimal utilization of the new stroke network.
Philips (NYSE: PHG) has announced a collaboration with Tend, a leading dental practice network, to offer Philips Zoom! whitening treatments across Tend's national network of dental offices. The partnership introduces Philips Zoom! WhiteSpeed, the #1 patient-requested professional whitening brand in the U.S., which combines hydrogen peroxide and advanced blue LED light technology.
The treatment is clinically proven to whiten teeth up to eight shades in 45 minutes, offering fast results with minimal sensitivity for most patients. The advanced blue LED light technology enhances the whitening process by targeting stain components that hydrogen peroxide alone cannot reach, ensuring safe and consistent results.
Philips (NYSE: PHG) has significantly improved its position on Forbes' 'Canada's Best Employers 2025' list, advancing more than 160 spots from the previous year. The health technology leader secured the second position in the Healthcare Equipment & Services Category, marking its second consecutive year on the prestigious ranking.
The Forbes list, now in its 10th edition, features 300 top organizations across various industries in Canada. The selection process involved an independent survey of over 40,000 Canada-based employees from companies with at least 500 employees, considering more than 900,000 employer evaluations.
Els Vandecandelaere, Head of People at Philips North America, attributed this achievement to the company's employees, highlighting their passion for improving lives and commitment to delivering impact through patient care, people, and environmental consciousness.
Bridgefield Capital has entered into a definitive agreement to acquire Philips Emergency Care Business from Royal Philips N.V. (NYSE: PHG). The transaction, expected to close in 2025, will be executed through Emergency Care Holdings, targeting the $26 billion emergency medical products market.
The Philips Emergency Care Business operates in over 130 countries with more than 3 million installed Automated External Defibrillators (AEDs) and Advanced Life Support devices, supported by 480 global distribution partners. The business holds the #1 globally recognized brand in the AED market, pioneering biphasic waveform AEDs in the late 1990s.
The business addresses sudden cardiac arrest, which causes over 4.25 million deaths annually. Its product portfolio includes AEDs for public and home use, Tempus monitor-defibrillators for EMS services, and DFM 100 manual defibrillators for hospitals, complemented by advanced informatics solutions for device readiness and data management.
Philips (NYSE: PHG) has announced two key executive appointments effective January 1, 2025. Jie Xue has been appointed as Chief Business Leader Precision Diagnosis and co-leader of the Diagnosis & Treatment segment, joining from GE Healthcare where she served as President and CEO of Global Magnetic Resonance Imaging. Özlem Fidanci has been named Chief of International Region, joining from Versuni after a previous 22-year career at Philips.
Both executives will join Philips' Executive Committee, reporting directly to CEO Roy Jakobs. Xue replaces Bert van Meurs, who was temporarily leading Precision Diagnosis and will continue to lead Philips' Image Guided Therapy business. Fidanci succeeds Edwin Paalvast, who is retiring after five years at Philips.
Northeast Florida Healthy Start Coalition (NEFHSC), Baptist Health, and Philips Avent have partnered to provide a free one-year subscription to the premium version of Pregnancy+ app for families in Baker, Clay, and Duval counties. The app, ranked #1 worldwide for pregnancy, offers personalized content, expert information, and 3D models to track baby development.
The premium version includes videos and audio courses with maternal health experts, connecting users to community resources like home visiting programs. The initiative aims to improve birth outcomes and reduce infant mortality. Similar implementation in Michigan has reached 32,000 residents and connected 1,000 Medicaid-eligible individuals to evidence-based home visiting programs.
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