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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) and Connally Memorial Medical Center (CMMC) are enhancing healthcare in rural
On March 27, 2023, Royal Philips (NYSE: PHG) launched Philips Virtual Care Management, a new solution designed to enhance patient engagement and health outcomes while reducing healthcare costs. This comprehensive program aims to better manage chronic diseases such as diabetes and hypertension, leveraging connected devices and engagement tools on a secure platform. Key results include a 38% reduction in emergency department visits and potential annual savings of $3,086 per patient. Philips will showcase this program at ViVE 2023 on March 28. Note that the Virtual Care Management solution is currently available only in the USA.
Royal Philips (NYSE: PHG) has convened its Annual General Meeting of Shareholders (AGM) for 2023, scheduled for May 9, 2023, in Amsterdam. The agenda includes proposals to re-appoint Abhijit Bhattacharya as a Board of Management member and David Pyott and Liz Doherty as Supervisory Board members. Additionally, EY is proposed for re-appointment as external auditor for one year, and PricewaterhouseCoopers for a four-year term starting in 2025. Other recurring items include the 2022 Remuneration Report and proposals on financial statements and dividends.
Royal Philips (NYSE: PHG) has entered into a strategic partnership with the Champalimaud Foundation to significantly reduce the carbon footprint of its diagnostic and interventional imaging equipment by 2028. This collaboration aims to implement innovative solutions such as equipment upgrades, digitalization, and renewable energy sourcing. Global healthcare systems contribute 4.4% of CO₂ emissions, and this initiative is expected to enhance care quality while promoting sustainability. Philips will assist Champalimaud in modernizing its imaging technology, leveraging eco-friendly innovations like the Spectral CT 7500 and Ingenia Ambition 1.5T, which use significantly less energy and resources.
On March 7, 2023, Royal Philips (NYSE: PHG) announced a long-term strategic partnership with the Gibraltar Health Authority to enhance local cardiac care by establishing a new interventional cardiac suite at St Bernard’s Hospital. This initiative will eliminate the need for patients to travel to Spain for treatments like coronary angioplasty and catheterization. The suite's construction will take 9-12 months, improving patient outcomes and operational efficiency. Additionally, Philips will upgrade existing hospital equipment, including X-ray and ultrasound systems, supporting better diagnostic capabilities and expanding cardiology services.
Royal Philips (NYSE: PHG) announced the appointment of Julia Strandberg as Chief Business Leader of its Connected Care businesses, effective April 24, 2023. Ms. Strandberg, who previously served as Chief Commercial Officer at Pear Therapeutics, will join Philips’ Executive Committee and report to CEO Roy Jakobs. The Connected Care segment includes Monitoring, Sleep & Respiratory Care, and Enterprise Informatics. Strandberg’s appointment follows interim leadership by Dan Leonard since October 2022. The company is enhancing its leadership team with experienced professionals to drive growth and innovation in healthcare.
On March 6, 2023, Royal Philips (NYSE: PHG) presented key findings from clinical studies at the ACC.23/WCC event. A study revealed a 62% increase in intravascular imaging (IVI) use during percutaneous coronary interventions (PCI) from 2013 to 2019, correlating with lower mortality rates and improved cardiac outcomes. Another extensive analysis indicated that timely removal of infected cardiac implantable electronic devices (CIEDs) significantly lowers healthcare costs and hospitalization rates. Additionally, new data confirmed the safety and effectiveness of the Philips 3D Intracardiac Echocardiography Catheter – VeriSight Pro – in various cardiac procedures, enhancing patient care.
On March 2, 2023, Philips showcased its latest innovations in cardiology at the ACC.23/WCC event in New Orleans. The highlight is the Philips Ultrasound Compact System 5500 CV, enhancing bedside cardiac imaging. Clinical evidence presented by partners supports the efficacy of Philips cardiology solutions in improving patient care. Studies include over a million Medicare patients, evaluating intravascular imaging outcomes, and the safety of the Philips Intracardiac Echocardiography Catheter. Philips’ portfolio aims to meet the rising demand for effective management of heart conditions, backed by over 110 ongoing clinical studies.
On March 1, 2023, Royal Philips (NYSE: PHG) unveiled its innovative radiology portfolio at the European Congress of Radiology in Vienna. The showcased smart imaging systems and vendor-neutral workflow solutions aim to enhance clinical confidence and operational efficiency across radiology, oncology, cardiology, and pathology.
Philips highlighted its AI-powered SmartSpeed technology that can reduce MRI scan times by up to 64%, which is critical in addressing workforce shortages and improving patient outcomes. The company emphasizes its commitment to sustainability and delivering ongoing value to healthcare providers.
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