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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, AEX: PHIA) announced significant greenhouse gas (GHG) emissions reduction results from collaborations with healthcare organizations worldwide. Key achievements include:
- Jackson Health System (US): 47% projected reduction in CO2e emissions
- Champalimaud Foundation (Portugal): 24% emissions reduction per exam in radiology and nuclear medicine
- Rennes University Hospital (France): Identified opportunities to reduce cath lab emissions
- County Durham and Darlington NHS Foundation Trust (UK): Developed a sustainability blueprint for ICU
Philips conducted comprehensive life cycle assessments (LCA) to help hospitals reduce their carbon footprint while enhancing patient care and operational efficiency. The company aims to improve the health and well-being of 2 billion people per year by 2025, including 300 million in underserved communities.
Philips (NYSE: PHG) has launched the Philips Avent Premium Connected Baby Monitor, marking its entry into the smart parenting category. This advanced monitor features:
- SenseIQ™ technology for wearable-free sleep and breathing tracking
- AI-powered Cry Translation to interpret baby's needs
- A Parent Unit with a 5" screen and 400-yard range
- The Baby Monitor+ app for remote viewing and notifications
- Secure Connect feature for encrypted data transmission
- An Automated Sleep Diary for tracking sleep patterns
The monitor aims to provide parents with reassurance and the ability to 'Share the Care' more effectively. It will be available on Amazon.com from October 1, 2024.
Philips Sonicare, the leading sonic toothbrush brand, has partnered with comedian Kate McKinnon for a new marketing campaign. The series of ads feature McKinnon as Susan Toothbrush, encouraging viewers to upgrade from manual to power toothbrushes. The campaign, called Sonicare Switch, highlights the benefits of Philips Sonicare power toothbrushes, such as the DiamondClean Smart, which removes up to 20X more plaque along the gumline compared to manual brushing.
The ads showcase McKinnon in various scenarios, emphasizing the importance of proper oral care before significant life events. The campaign aligns with Philips' mission to inspire confidence through innovation, promoting clinically-proven oral health benefits. The Philips Sonicare product suite featured in the ads includes the Sonicare 6100, 4100, and DiamondClean Smart 9300 models.
Philips and Jackson Health System have announced the results of a Life Cycle Assessment (LCA) measuring the sustainability impact of transitioning to Philips' next-generation monitoring solutions. The study, conducted at three Jackson Health facilities in Miami-Dade County, Florida, reveals that Philips patient monitors can help reduce carbon emissions by 685.1 tons of CO2e or 47% compared to previous systems.
The transition also eliminates the need for an estimated 420,000 disposable AA batteries and 6.5 million sheets of paper, potentially saving the health system $1.2 million over a 10-year device lifetime. Philips' IntelliVue and EarlyVue monitors can help reduce the health system's patient monitoring carbon footprint by 508 tons of CO2e across all lifecycle facets, with battery and paper savings reducing CO2e by an additional 177.1 tons.
Philips has announced FDA approval for an enhanced 160cm version of its LumiGuide Navigation Wire, expanding the use of its Fiber Optic RealShape (FORS) technology in the US. This breakthrough allows clinicians to visualize a broader range of catheters in 3D and color during minimally-invasive surgeries, reducing reliance on X-ray imaging. The technology has now been used in 1000 procedures since 2020, with the latest milestone achieved by vascular surgeon Dr. Carlos Timaran during a complex aortic aneurysm repair. LumiGuide has shown to make procedures 37% faster and use 70% less X-ray imaging, significantly reducing radiation exposure for patients and medical staff.
Philips (NYSE: PHG) and the World Stroke Organization (WSO) have published a joint policy paper calling for a revolution in stroke care. The paper proposes six policy interventions to improve outcomes and reduce costs in stroke treatment. Key recommendations include expanding infrastructure for essential stroke services and mechanical thrombectomy, a highly effective minimally invasive procedure for removing blood clots in major strokes.
The paper highlights that stroke affects an estimated 12 million people globally each year, with direct and indirect costs around $900 billion annually. Despite proven treatments like mechanical thrombectomy, access remains For instance, only about 7% of ischemic stroke patients in Europe received this treatment in 2019.
The initiative aims to address the significant burden of stroke on patients, healthcare systems, and society by promoting coordinated investment in care, treatment, infrastructure, and effective policymaking.
Carilion Clinic is expanding its cardiovascular care capabilities with Philips (NYSE: PHG) innovations at its new Cardiovascular Institute in Virginia. The facility will feature 11 specialized Philips interventional suites, enabling local treatment of complex cardiovascular conditions. Philips' integrated ecosystem includes the Azurion Image-Guided Therapy System, EPIQ CVx cardiology ultrasound with AI capabilities, and IntraSight with SyncVision for imaging and physiology.
This technology offers reduced X-ray dose, improved workflow, and more efficient turnaround times. The collaboration aims to set new standards in cardiovascular care, providing Carilion's staff with world-class technology and ongoing clinical education. This expansion reinforces Carilion's commitment to delivering high-quality, patient-centered care in the region.
Carilion Clinic has announced the adoption of Philips' cardiovascular care ecosystem at its new Cardiovascular Institute at Crystal Spring Tower in Virginia. This includes 11 specialized Philips interventional suites, enabling treatment of complex cardiovascular conditions closer to home. The institute will offer state-of-the-art heart, lung, and vascular services, featuring advanced technologies like the Philips Azurion Image-Guided Therapy System and EPIQ CVx ultrasound system. These innovations aim to reduce X-ray doses, improve workflow, and enhance clinical confidence.
Additionally, Carilion will benefit from reduced maintenance complexity and ongoing clinical education for its staff. The new facility will also serve as a major referral center and the only Level 1 Trauma Center in the region, ensuring high-quality, patient-centered care.
Philips (NYSE: PHG, AEX: PHIA) and Isala hospital in the Netherlands have renewed their strategic partnership for five years, with an option to extend for another five. The collaboration, which began in 2012, aims to enhance healthcare delivery through innovative and cost-effective solutions, focusing on radiology and cardiology departments.
Key aspects of the partnership include:
- Utilizing Philips' technology to optimize processes and deliver more patient-centered care
- Integrating new technologies into hospital operations
- Replacing medical systems like MRI and CT scanners through a flexible multi-year plan
- Enhancing clinical adoption of new technologies such as AI
- Ensuring healthcare remains accessible, available, and affordable
This renewal underscores both parties' commitment to driving innovation and ensuring sustainable, high-quality healthcare delivery in the face of financial and personnel challenges.
Royal Philips (NYSE: PHG, AEX: PHIA) has announced a share repurchase program of up to EUR 125 million to cover obligations from its long-term incentive plans. At the current share price, this represents approximately 4.8 million shares. The repurchases will be executed through a combination of forward transactions and open market purchases with a financial institution.
Philips expects to take delivery of the forward share purchases in 2026, while open market purchases will be executed in Q3 2024 by an intermediary. All repurchases will comply with the EU Market Abuse Regulation and the authorization granted by the company's General Meeting of Shareholders on May 7, 2024. Updates on the program's progress will be made available through the company's website and press releases.
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