Welcome to our dedicated page for KONINKLIJKE PHILIPS N.V. news (Ticker: PHG), a resource for investors and traders seeking the latest updates and insights on KONINKLIJKE PHILIPS N.V. stock.
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 supports the American Heart Association's multi-year initiative to enhance awareness and treatment of cardiovascular implantable electronic device (CIED) infections. In the U.S., less than 30% of infected patients receive guideline-recommended care, risking over 7,000 lives annually. The initiative aims to educate healthcare providers on proper infection management, emphasizing that complete device extraction is crucial for effective treatment. With one million CIEDs implanted worldwide each year, improving treatment adherence is vital for reducing mortality rates and healthcare costs.
Royal Philips (NYSE: PHG) has enhanced its Zenition Mobile C-arm System with new 3D image guidance capabilities through a partnership with Cydar. The collaboration focuses on improving endovascular treatment by integrating Cydar EV Maps software, which optimizes surgical workflows and reduces radiation exposure. This advancement allows for real-time planning and guidance during procedures, leading to significant improvements in accuracy and efficiency. The technology aims to decrease fluoroscopy time and procedure times by over 20%, ultimately enhancing patient outcomes.
Royal Philips (NYSE: PHG) reported fourth-quarter 2021 sales of approximately EUR 4.9 billion, down EUR 350 million from earlier forecasts, due to global supply chain issues and delays in equipment installations. Full-year sales are projected at EUR 17.2 billion, with a 1% decline year-over-year. The adjusted EBITA for Q4 is expected to be around EUR 650 million, or 13% of sales. Additionally, restructuring charges increased to EUR 420 million. The Philips Respironics recall impacts are significant, with an added provision of EUR 225 million for device remediation.
Royal Philips (NYSE: PHG) has successfully canceled 33.5 million of its shares, reducing its current issued share capital to EUR 176,779,793.80, which consists of 883,898,969 common shares. This share cancellation includes 20.5 million shares from a completed EUR 1.5 billion share repurchase program initiated in Q1 2019 and 13 million shares acquired under a recently completed EUR 1.5 billion buyback program announced on July 26, 2021. Forward transactions were also completed to cover approximately half of this buyback program.
Royal Philips has entered a 12-year strategic partnership with IJsselland Hospital to enhance patient care through innovation, digitalization, and optimization of healthcare solutions. The collaboration includes the purchase of advanced CT and MRI systems and aims to expand home monitoring for heart failure and COPD patients. This partnership will enable remote health programs, improve care processes, and save costs, aligning with Philips' goal to create the hospital of the future.
Royal Philips (NYSE: PHG) subsidiary, Philips Respironics, issued an update regarding the voluntary recall of certain sleep and respiratory care products initiated on June 14, 2021. This recall involves potential health risks from the polyester-based polyurethane (PE-PUR) foam in affected devices. Recent assessments indicate that exposure to identified volatile organic compounds (VOCs) from first-generation DreamStation devices is not expected to have long-term health effects. Further testing, including particulate analysis, is ongoing and expected to conclude in Q2 2022.
Royal Philips (NYSE: PHG) announced FDA De Novo Clearance for its CavaClear IVC Filter Removal Laser Sheath, marking it as the first FDA-cleared device for advanced IVC filter removal. Designed for patients with embedded filters, CavaClear offers a success rate of over 99% and low complication rates (0.7-2%). Over one million patients in the U.S. could benefit from this innovative solution, addressing high failure rates in filter removals. The technology aims to enhance physician efficiency and reduce clinical risks associated with long-term complications from IVC filters.
Philips announced plans to propose Herna Verhagen and Sanjay Poonen as new members of its Supervisory Board at the Annual General Meeting on May 10, 2022. Current members Paul Stoffels and Marc Harrison will be reappointed, while Neelam Dhawan will retire after her third term. Verhagen, CEO of PostNL, brings expertise in e-commerce logistics, while Poonen has a strong background in enterprise IT. The changes aim to enhance Philips' leadership in health technology.
Royal Philips announced the acquisition of Vesper Medical Inc., enhancing its vascular therapy portfolio with advanced venous stent technology. This acquisition aims to expand Philips' offerings in treating deep venous disease, complementing its existing peripheral vascular devices. The deal, pending customary closing conditions, is expected to finalize in Q1 2022. Although financial details remain undisclosed, Philips anticipates strong synergies between its current products and Vesper's innovative solutions, improving patient care during vascular procedures.
FAQ
What is the current stock price of KONINKLIJKE PHILIPS N.V. (PHG)?
What is the market cap of KONINKLIJKE PHILIPS N.V. (PHG)?
What are the core segments of Philips' business?
Where is Philips headquartered?
What recent partnership did Philips announce?
How much revenue did Philips generate in 2023?
What is Philips doing to improve patient care in pediatric health?
How is Philips leveraging AI in healthcare?
What steps has Philips taken to address regulatory issues with its Respironics business?
What financial actions has Philips taken recently?
How does Philips contribute to cost-effective cardiac care?
How many employees does Philips have?
