Koninklijke Phil Stock Price, News & Analysis

On March 7, 2023, Royal Philips (NYSE: PHG) announced a long-term strategic partnership with the Gibraltar Health Authority to enhance local cardiac care by establishing a new interventional cardiac suite at St Bernard’s Hospital. This initiative will eliminate the need for patients to travel to Spain for treatments like coronary angioplasty and catheterization. The suite's construction will take 9-12 months, improving patient outcomes and operational efficiency. Additionally, Philips will upgrade existing hospital equipment, including X-ray and ultrasound systems, supporting better diagnostic capabilities and expanding cardiology services.

Royal Philips (NYSE: PHG) announced the appointment of Julia Strandberg as Chief Business Leader of its Connected Care businesses, effective April 24, 2023. Ms. Strandberg, who previously served as Chief Commercial Officer at Pear Therapeutics, will join Philips’ Executive Committee and report to CEO Roy Jakobs. The Connected Care segment includes Monitoring, Sleep & Respiratory Care, and Enterprise Informatics. Strandberg’s appointment follows interim leadership by Dan Leonard since October 2022. The company is enhancing its leadership team with experienced professionals to drive growth and innovation in healthcare.

On March 6, 2023, Royal Philips (NYSE: PHG) presented key findings from clinical studies at the ACC.23/WCC event. A study revealed a 62% increase in intravascular imaging (IVI) use during percutaneous coronary interventions (PCI) from 2013 to 2019, correlating with lower mortality rates and improved cardiac outcomes. Another extensive analysis indicated that timely removal of infected cardiac implantable electronic devices (CIEDs) significantly lowers healthcare costs and hospitalization rates. Additionally, new data confirmed the safety and effectiveness of the Philips 3D Intracardiac Echocardiography Catheter – VeriSight Pro – in various cardiac procedures, enhancing patient care.

On March 2, 2023, Philips showcased its latest innovations in cardiology at the ACC.23/WCC event in New Orleans. The highlight is the Philips Ultrasound Compact System 5500 CV, enhancing bedside cardiac imaging. Clinical evidence presented by partners supports the efficacy of Philips cardiology solutions in improving patient care. Studies include over a million Medicare patients, evaluating intravascular imaging outcomes, and the safety of the Philips Intracardiac Echocardiography Catheter. Philips’ portfolio aims to meet the rising demand for effective management of heart conditions, backed by over 110 ongoing clinical studies.

On March 1, 2023, Royal Philips (NYSE: PHG) unveiled its innovative radiology portfolio at the European Congress of Radiology in Vienna. The showcased smart imaging systems and vendor-neutral workflow solutions aim to enhance clinical confidence and operational efficiency across radiology, oncology, cardiology, and pathology.

Philips highlighted its AI-powered SmartSpeed technology that can reduce MRI scan times by up to 64%, which is critical in addressing workforce shortages and improving patient outcomes. The company emphasizes its commitment to sustainability and delivering ongoing value to healthcare providers.

Royal Philips (NYSE: PHG) released its Annual Report 2022, highlighting a challenging year marked by disappointing stakeholder results. The report will be discussed in the Annual General Meeting of Shareholders (AGM) scheduled for May 9, 2023. The company plans to enhance patient safety and quality, and improve operational execution in 2023. In response to shareholder feedback, the 2022 Remuneration Report indicates that no Annual Incentive or Long-term Incentive payouts will be made to Board members due to 2022’s performance. The Annual Report is filed with the Netherlands Authority and will also be filed with the US SEC.