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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) has been awarded the title of ‘Red Dot: Design Team of the Year 2022’ for its Experience Design Team’s innovative, human-centered solutions in healthcare. This is a historic second-time recognition by Red Dot, emphasizing Philips' commitment to addressing global healthcare challenges, including ageing populations and chronic illnesses. The award was presented during a ceremony on June 20, 2022, in Germany, showcasing the team’s work across diverse design centers worldwide. Philips has garnered a total of 27 Red Dot ‘Best of the Best’ awards among over 460 accolades.
On June 13, 2022, Royal Philips (NYSE: PHG) announced a share buyback plan to repurchase up to 3.2 million shares, amounting to approximately EUR 68 million. This initiative aims to cover obligations from its long-term incentive and employee stock purchase plans. The buyback transactions are anticipated in the second and third quarters of 2022, following the company's shareholder authorization. Philips expects to complete share delivery by 2024, signaling confidence in its stock management strategy.
Royal Philips (NYSE: PHG) announced promising results from the TOBA II BTK clinical trial, showcasing the Tack endovascular system's efficacy in treating below-the-knee arterial dissection following balloon angioplasty in patients with critical limb ischemia (CLI). The FDA-approved device demonstrated a remarkable 93.9% target limb salvage rate and 69.6% freedom from clinically-driven target lesion revascularization after three years. These results underscore the positive impact on patients' quality of life and suggest a new standard of care for CLI treatment.
Royal Philips (NYSE: PHG) released its Future Health Index 2022 report, surveying nearly 3,000 healthcare leaders across 15 countries. The report highlights priorities such as staff satisfaction (30% prioritizing retention) and predictive analytics adoption (56%). Despite recognizing data as an asset, 46% of leaders consider it a burden due to challenges like siloed data (51%). Additionally, addressing health inequality is now a focus for 25% of leaders, increasing from 12% in 2021. The shift towards sustainability is also notable, with 24% prioritizing it compared to just 4% last year.
Royal Philips (NYSE: PHG) announced on June 7, 2022, an exchange ratio for the 2021 dividend in shares of 1 new common share for every 27.3184 existing shares. This was based on a volume-weighted average price of EUR 23.1906. Shareholders could choose cash or shares from May 16 to June 3, 2022, with cash as the default option. A total of 44.5% elected for shares, resulting in the issuance of 14,174,568 new shares. Philips plans to deliver 19,571,218 shares through forward contracts and expects to cancel a total of 28,329,673 shares by year-end.
Royal Philips (NYSE: PHG) announced the appointment of Willem Appelo as Chief Operations Officer, effective October 1, 2022, succeeding Sophie Bechu. Appelo brings extensive experience in supply chain management from Johnson & Johnson and private equity firms. His role will focus on enhancing Philips' health technology solutions. Bechu, who has been with Philips since 2016, will assist in the transition until her retirement in January 2023. This leadership change underscores Philips' commitment to strengthening its executive team in the medical technology sector.
Philips Foundation announced its 2021 Annual Report showcasing its mission to provide quality healthcare to underserved communities. Over 17 million people benefited from 24 projects in collaboration with NGOs and community groups, doubling the previous year's figure. The foundation launched a new social impact investment vehicle to support early-stage social enterprises. It also initiated disaster relief efforts in response to the COVID-19 pandemic and the Ukraine crisis, reflecting its commitment to sustainable healthcare solutions for vulnerable populations.
Royal Philips (NYSE: PHG) is showcasing its innovations at EuroPCR 2022, enabling ultra-low contrast percutaneous coronary intervention (ULC-PCI). These solutions enhance procedure planning and patient safety by co-registering intravascular ultrasound and physiological assessment data onto angiograms, reducing iodinated contrast media use. This is particularly beneficial for patients at risk of acute kidney injury. The company aims to improve outcomes for complex patients through advanced imaging technologies, allowing for safer, more effective coronary interventions.
Royal Philips (NYSE: PHG) announced the international launch of EchoNavigator 4.0 at EuroPCR 2022. This advanced image-guided therapy solution enhances minimally-invasive treatment for structural heart disease by integrating real-time echocardiography and X-ray imaging. Key features include 3D anatomical modeling and transseptal puncture guidance, improving procedural confidence and precision. The product aims to address the rising demand for effective cardiovascular care amidst staffing shortages, ultimately supporting better patient outcomes.
Royal Philips announced the approval of a EUR 0.85 per share dividend at its 2022 AGM, reflecting its commitment to shareholder returns. The company appointed Herna Verhagen and Sanjay Poonen as new Supervisory Board members, while Paul Stoffels and Marc Harrison were re-appointed. The Advisory vote on the 2021 Remuneration Report has been noted, with Philips promising to engage with shareholder feedback for future reports. Other approvals included Ernst & Young as the auditor and the adoption of financial statements.
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