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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 and HealthAlliance Hospital signed a partnership agreement aimed at enhancing healthcare delivery in Kingston, NY. This collaboration is part of a $134.9 million healthcare advancement plan to modernize the hospital's facilities, including advanced medical technologies.
Philips will provide state-of-the-art imaging systems and monitoring technologies, such as the Azurion system for image-guided therapies. The hospital aims to open later in 2022, fostering improved patient care in the WMCHealth Network.
On October 25, 2022, Philips announced its innovations in stroke care at the 14th Annual World Stroke Congress in Singapore. The company aims to enhance treatment and quality of life for stroke patients through advanced solutions that improve early detection and reduce treatment time. The event will feature discussions led by clinical experts on topics like reperfusion therapy and economic impacts of stroke pathways. Philips emphasizes the importance of timely treatment, as one in four adults over 25 will experience a stroke in their lifetime.
On October 24, 2022, Philips reported group sales of EUR 4.3 billion, a 5% decline in comparable sales, alongside a significant operational loss of EUR 1.5 billion due to a non-cash goodwill impairment. Adjusted EBITA fell to EUR 209 million, accounting for 4.8% of sales. The company announced immediate restructuring, including a global workforce reduction of 4,000 jobs and expects related charges of EUR 300 million. The outlook for Q4 2022 anticipates continued challenges with a mid-single-digit sales decline and a high-single-to-double-digit Adjusted EBITA margin range.
On October 20, 2022, Royal Philips announced FDA 510(k) clearance for its AI-enabled MRCAT Head and Neck radiotherapy application, enhancing MR-only workflows for cancer treatment. This technology allows MR to be the primary imaging modality for radiotherapy planning in soft tissue tumors, including head and neck areas. Additionally, Philips has partnered with MacroMedics to ensure compatibility of their positioning mask system with Philips’ MR Head Neck Coil, aimed at improving patient comfort and treatment outcomes. These advancements will be highlighted at ASTRO 2022.
Royal Philips has introduced its augmented reality (AR) surgical navigation solution, ClarifEye, in Japan, improving minimally-invasive spine surgery for patients at Mita Hospital in Tokyo. With a reported 98% accuracy in pedicle screw placement, ClarifEye offers advanced 3D navigation to enhance surgical precision while minimizing patient trauma. This expansion is timely, given Japan's aging population, where the incidence of spinal issues is significant. The technology promises better outcomes and lower costs in healthcare delivery.
Philips Sonicare has launched a new microsite in collaboration with Spotify to encourage users to dedicate two extra minutes for self-care, specifically during their toothbrushing routine. Users can access custom playlists tailored to their music preferences to enhance their daily rituals and have a chance to win three months of free Spotify Premium and a discount on Philips products. The initiative aligns with the recommended two-minute brushing cycle and runs until November 30, 2022.
On October 12, 2022, Royal Philips (NYSE: PHG) provided a financial update for Q3 2022, highlighting a significant impact from supply chain challenges. Group sales are projected at approximately EUR 4.3 billion, marking a 5% decline. The Diagnosis & Treatment segment anticipates a low-single-digit decline, while Connected Care expects a mid-teen drop. A EUR 1.3 billion goodwill impairment charge for the Sleep & Respiratory Care business is expected due to revised forecasts. Philips aims for a better second half of 2022, despite ongoing supply chain disruptions.
On October 10, 2022, Philips received the prestigious gold-level Touchstone Award from the Center for Health Design for its innovative Ambient Experience behavioral health rooms at Children's Medical Center Dallas. This solution enhances care for pediatric patients experiencing behavioral health issues by integrating technology to improve staff-patient interactions. The recognition follows multiple other awards for the design, underscoring Philips' commitment to enhancing healthcare delivery through evidence-based design. The solution aims to de-escalate challenging behaviors and improve overall patient experience.
On September 30, 2022, Royal Philips (NYSE: PHG) announced the appointment of Roy Jakobs as the new President and CEO, effective October 15, 2022, succeeding Frans van Houten. The Supervisory Board expressed confidence in Jakobs’ ability to drive the company’s focus on health technology and improve shareholder value. Van Houten reflected on his 12-year tenure and expressed gratitude towards his colleagues. Jakobs emphasized his commitment to innovation and transparency as he prepares to lead Philips into its next chapter.
Philips Sonicare has partnered with actress Marsai Martin as its first Come Back Coach to promote the importance of self-care, particularly through oral hygiene. Martin emphasizes the role of a confident smile in self-esteem and encourages the use of Philips One by Sonicare electric toothbrush. This toothbrush is designed for effective daily routines, featuring a SmarTimer™ and Quadpacer. Priced from $24.99, it is available in various colors. A survey reveals 93% of Americans are seeking self-improvement, with 83% focusing on oral health.
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