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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.
Royal Philips (NYSE: PHG) presented its latest innovations in cardiology at the Transcatheter Cardiovascular Therapeutics (TCT) annual meeting held in Boston from September 16-19, 2022. Key highlights include global consensus data advocating the use of intravascular ultrasound (IVUS) for peripheral vascular disease procedures. Philips emphasized the importance of its technology in improving patient outcomes and efficiencies in clinical settings. Notable products showcased include the VeriSight Pro catheter and the EchoNavigator 4.0 imaging system, enhancing diagnostic and therapeutic capabilities in cardiac care.
Philips has announced the upcoming launch of FetView, a cloud-based fetal ultrasound image sharing software designed for obstetrics and gynecology. This vendor-neutral platform will allow physicians to access ultrasound images and patient data in real-time, promoting enhanced diagnostic confidence and better patient communication. FetView aims to streamline workflows, improve departmental efficiency, and reduce costs by enabling secure sharing of medical data. The software will be showcased at the ISUOG World Congress from September 16-18, 2022, in London.
Philips Foundation, RAD-AID International, and Philips have announced a multi-year partnership to enhance access to diagnostic ultrasound services across 10 countries, targeting 50 million people. The initiative will utilize a 'train-the-trainer' model to educate local health workers through real-time distance learning and simulated procedures. This collaboration focuses on improving healthcare in underserved regions by deploying ultrasound devices and providing remote training to address gaps in diagnostic imaging.
Zylorion Health Inc. has announced the appointments of Jeroen Tas to its Board of Directors and Ted Goldstein to its Digital Health Advisory Committee. Tas, former Chief Innovation and Strategy Officer at Philips, and Goldstein, ex-Chief Artificial Intelligence Officer at Elevance Health, bring extensive experience in health technologies and bioinformatics. CEO Peter Silverstone expressed enthusiasm over their addition, highlighting their potential contributions to Zylorion's mission of delivering innovative therapies for mental health challenges, including MDD, TRD, and PTSD.
Philips has achieved significant milestones in developing its Spectral Angio CT suite, integrating breakthrough spectral CT imaging technology for enhanced treatment procedures. Notably, Leiden University Medical Center has joined Philips' clinical network to explore the technology's potential in interventional oncology. Additionally, positive study results were presented at CIRSE 2022, showcasing improved lung tumor biopsy guidance using spectral CT. A collaboration with the University of Pennsylvania aims to enhance tumor treatment effectiveness in real-time.
Royal Philips' subsidiary, Philips Respironics, has issued a voluntary alert regarding certain CPAP and Bi-Level PAP masks with magnetic headgear clips. These masks should not be used by or near individuals with implanted metallic medical devices due to potential magnetic interference. The company has distributed over 17 million such masks and received 14 reports of adverse effects linked to the magnets, including pacemaker failure and seizures. Users are advised to discontinue use and consult a physician for alternatives.
On September 6, 2022, Royal Philips (NYSE: PHG) announced the successful treatment of patients using its innovative VeriSight Pro, a real-time 3D intracardiac echocardiography catheter, at Baptist Health's Miami Cardiac & Vascular Institute. This technology enhances procedural efficiency by reducing the need for sedation, thus improving patient preparation and recovery times. The catheter features superior imaging capabilities and enables interventionalists to navigate cardiac procedures more effectively, ultimately broadening treatment options for patients with structural heart disease.
Philips (NYSE: PHG) showcased its advanced cardiology solutions at the ESC Congress in Barcelona (August 26-29, 2022). The company aims to enhance diagnostic confidence and operational efficiency, addressing rising patient demands. The Future Health Index 2022 highlights technology improvements as vital for patient management. Key innovations include integrated systems for diagnostic imaging and minimally invasive therapies, designed to optimize cardiac care workflows. Philips emphasizes data-driven insights and remote monitoring solutions to improve patient outcomes while reducing costs.
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG) has announced an Extraordinary General Meeting (EGM) on September 30, 2022, to appoint Roy Jakobs as the new President and CEO, effective October 15, 2022. This meeting aims to solidify Jakobs' leadership following the departure of Frans van Houten. Key details about the EGM agenda are available online. Philips is recognized for its health technology focus, emphasizing integrated solutions across the health continuum, with 2021 sales of EUR 17.2 billion and a workforce of approximately 79,000 employees globally.
Royal Philips (NYSE: PHG) announced Roy Jakobs as the proposed successor to CEO Frans van Houten, effective October 15, 2022. The Supervisory Board made this unanimous decision after evaluating multiple candidates, highlighting Jakobs' extensive experience and operational success within the company. An Extraordinary General Meeting is scheduled for September 30, 2022, to confirm his appointment. Van Houten will assist in the transition until April 30, 2023. Jakobs aims to enhance Philips’ growth and quality focus, especially regarding recent challenges related to Respironics devices.
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