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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 announced enrollment of the first patient in the U.S. THOR IDE clinical trial, testing an innovative combined laser atherectomy and intravascular lithotripsy catheter. The device integrates two PAD treatments into a single solution, performed at the Cardiovascular Institute of the South in Louisiana on a 78-year-old male. The trial will enroll up to 155 patients at up to 30 U.S. sites to evaluate safety and efficacy in treating complex, calcified lesions. The study's primary endpoints include freedom from major adverse events within 30 days and achieving ≤50% residual stenosis post-procedure, with 12-month patient follow-up.
Philips (NYSE: PHG) has announced a partnership with Aspen Dental, bringing Philips Sonicare products to Aspen's network of over 1,100 dental offices. The collaboration will offer patients access to Philips Sonicare ExpertClean toothbrushes, Cordless Power Flossers, and Teeth Whitening Kits. The partnership includes the introduction of Philips' new Path to Health Toolset, developed with behavioral scientists and dental professionals to enhance patient care and education. This initiative aims to expand access to comprehensive oral care and support dental professionals in providing better patient outcomes both in-office and at home.
Philips has secured a $25 million contract with the U.S. Department of Defense to expand its RATE (Rapid Analysis of Threat Exposure) algorithm over the next four years. The AI-powered technology uses biomarkers from wearables for early infection detection in military personnel. RATE's effectiveness was demonstrated in studies, including a 2022 research showing COVID-19 detection 2.3 days before symptoms appeared in 9,381 DoD personnel. The algorithm, initially developed in 2019, analyzed 163 biomarkers from 36,000 hospital-acquired infection cases to develop risk scores for various infections.
Philips (PHG) reported Q3 2024 results with flat comparable sales at EUR 4.4 billion, primarily due to deteriorated demand in China while showing growth in other regions. The company achieved significant margin improvement with Adjusted EBITA margin increasing to 11.8% from 10.2%. Free cash flow was EUR 22 million, and comparable order intake decreased by 2% due to China decline. The company revised its full-year 2024 outlook, projecting comparable sales growth of 0.5-1.5%, with Adjusted EBITA margin around 11.5% and free cash flow around EUR 0.9 billion. Productivity initiatives delivered EUR 188 million in savings during Q3.
Philips (NYSE: PHG) and Medtronic Neurovascular announced a strategic advocacy partnership to improve stroke care access globally. Both companies joined the newly established World Stroke Organization (WSO) Advocacy Coalition, focusing on three key areas: raising public awareness of stroke symptoms, improving treatment access, and leveraging technology for integrated care systems.
The partnership addresses a critical health issue affecting 12 million people annually, with direct and indirect costs estimated at USD 900 billion, expected to double in 25 years. The collaboration aims to develop a global network of comprehensive stroke care centers and will be highlighted at the upcoming World Stroke Congress in Abu Dhabi.
Philips is showcasing its latest cardiology innovations at the Transcatheter Cardiovascular Therapeutics (TCT) annual meeting from October 27-30 in Washington D.C. The company's portfolio integrates artificial intelligence into imaging systems and software, along with specialized diagnostic and therapeutic devices to support complex procedures.
Key advancements include:
- AI-enabled cardiovascular ultrasound platform for structural heart disease diagnosis
- Intravascular ultrasound (IVUS) for improved patient outcomes in coronary interventions
- Instantaneous free-ratio (iFR) for physiologic measurement during PCI
- 3D Intracardiac Echocardiography (ICE) catheter for structural heart disease procedures
- EchoNavigator 4.0 for advanced 3D heart modeling and live fusion imaging
- Laser System for coronary and peripheral atherectomy and lead extraction
- IntraSight platform for streamlined interventional procedures
Philips will also host educational sessions and hands-on trainings at their Engagement Hub during the event.
OMNIVISION and Philips have partnered to develop the world's first in-cabin connected well-being monitoring solution for automotive applications. The prototype, which will be demonstrated at AutoSens Europe in Barcelona from October 8-10, 2024, combines OMNIVISION's OX05B1S CMOS image sensor with Philips' vital signs camera software for automotive use.
The system monitors vital signs such as pulse and breathing rate, potentially enabling customization of comfort settings while driving. This data could be used to adapt media, climate, lighting, seating, engine modes, and more. The solution aims to add value for automotive consumers and shorten time to market for tier-one automotive OEMs.
OMNIVISION's OX05B1S is a 5-megapixel RGB-IR backside illuminated global shutter sensor featuring Nyxel® technology, which provides superior performance in low-light conditions. An AI-enabled OAX4600 image signal processor handles data processing for the med-tech system.
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.
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