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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 has enhanced its Lumify handheld ultrasound technology by introducing Pulse Wave Doppler, enabling comprehensive hemodynamic assessments for various medical professionals, including cardiologists and emergency care doctors. This upgrade allows for better quantification of blood flow and improved diagnostics across multiple specialties. Additionally, Lumify becomes the first handheld ultrasound to offer B-lines software, assisting in heart and lung evaluations, particularly for severe COVID-19 cases. This innovation aims to increase access to quality healthcare in underserved communities.
Royal Philips (NYSE: PHG) has entered a 10-year partnership with University Hospital Brandenburg an der Havel, valued at approximately EUR 18 million, to enhance its healthcare capabilities. This collaboration focuses on the supply of advanced diagnostic imaging solutions, including ultrasound and MRI, alongside the upgrading of hybrid operating rooms and interventional suites. The agreement also involves training and education for medical staff, aiming to improve patient outcomes and streamline operations.
Philips has launched the first full-service, at-home, 12-lead ECG solution tailored for decentralized clinical trials. This clinical-grade ECG aims to enhance patient recruitment, compliance, and retention by minimizing the necessity for site visits. With data readings comparable to traditional site-based ECGs, the innovative solution utilizes the PCA 500 ECG patch for secure, real-time data transmission. Philips’ advanced monitoring services have supported over 2,000 clinical trials globally. This new offering is already available in select markets across North America, Europe, and Asia.
On January 24, 2022, Royal Philips reported a challenging fourth quarter with sales of EUR 4.9 billion, reflecting a 10% comparable sales decline. The decline was attributed to supply chain challenges and COVID-19 related factors. Though income from continuing operations decreased to EUR 139 million from EUR 508 million in Q4 2020, adjusted EBITA stood at EUR 647 million, marking a drop from the previous year. Positive trends were seen in Diagnosis & Treatment with 4% order intake growth. For 2021, overall sales were EUR 17.2 billion, impacted by a decline in Connected Care. A dividend of EUR 0.85 per share was proposed.
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.
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