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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) announced on November 14, 2021, that its subsidiary, Philips Respironics, is addressing potential health risks linked to foam in certain sleep and respiratory devices. The company initiated a voluntary recall in June 2021. The FDA recently inspected a manufacturing facility, providing observations that will be addressed by Philips. Testing continues on new silicone replacement foam, with results showing acceptable outcomes. Philips is committed to the health of affected patients and will share findings with authorities following ongoing assessments.
Philips has received a USD 15.4 million grant from the Bill & Melinda Gates Foundation to enhance its obstetrics app development for the handheld ultrasound device, Lumify. This project aims to improve maternal healthcare, particularly in underserved communities, targeting around 2.5 billion people by 2030, with a focus on reducing pregnancy-related deaths. The initiative will empower midwives in low-income areas with AI technology, enabling early identification of complications in pregnancy, ultimately aiming to decrease both maternal and fetal mortality rates.
Royal Philips (NYSE: PHG) announces results from a real-world analysis of Medicare data showing significant benefits of intravascular ultrasound (IVUS) in peripheral vascular interventions. Key findings include a 32% reduction in major adverse limb events like amputations during lower extremity interventions among over 697,794 patients and a 31% reduction in repeat interventions, hospitalizations, or deaths during iliofemoral venous stenting. The study emphasizes IVUS's potential to optimize patient care and improve long-term health outcomes.
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG) announced its acquisition of Cardiologs, a France-based medical technology innovator specializing in AI-driven cardiac diagnostics. This strategic acquisition, enhancing Philips' cardiac care offerings, is anticipated to close in the coming months. Although financial details remain undisclosed, the integration of Cardiologs' ECG analysis capabilities is expected to improve diagnostic accuracy and clinician workflow. Cardiologs' technology, supported by 20 million ECG recordings, aligns with Philips' aim for better patient outcomes and healthcare efficiency.
Royal Philips (NYSE: PHG) announced the launch of innovative cardiology solutions in the North American market, aimed at enhancing procedural efficiency and patient outcomes. Key highlights include the debut of the IntraSight Mobile platform for interventional cardiology, featuring advanced imaging and physiological measurement capabilities. Additionally, Philips introduced the AngioSculpt Evo scoring balloon catheter and the Nexcimer laser system, both designed for improved treatment efficacy. Clinical data presented at the TCT 2021 conference showcased significant advancements in cardiovascular interventions and outcomes.
On October 28, 2021, Royal Philips (NYSE: PHG) announced a significant milestone for its Philips Capsule Medical Device Information Platform (MDIP), which has integrated with over 1,000 unique medical device models. This platform, which is now used in more than 3,000 healthcare facilities worldwide, streamlines clinical workflows and enhances collaboration among care teams by transforming clinical data into actionable insights. The recent integration efforts follow Philips' acquisition of Capsule Technologies earlier in 2021, showcasing the company’s commitment to advancing healthcare technology.
Royal Philips (NYSE: PHG) announced new innovations in cancer care at the ASTRO annual meeting, including the Multimodality RT Simulation Workspace, which allows for enhanced image fusion and contouring. The company unveiled cutting-edge imaging platforms: MR – Ingenia RT XD and Spectral CT 7500, aimed at optimizing treatment planning. A strengthened partnership with Elekta aims to streamline oncology care, enhancing patient outcomes. With cancer cases expected to rise by 70% in two decades, these innovations address the growing complexity of cancer treatment and improve collaboration among healthcare providers.
Philips reported robust demand with double-digit order intake growth in Q3 2021.
Sales totaled EUR 4.2 billion, reflecting a 7.6% comparable decline due to supply chain challenges and a recall in Sleep & Respiratory Care. Income from continuing operations rose to EUR 442 million.
Order intake surged 47%, while adjusted EBITA was EUR 512 million (12.3% of sales). The company completed its Domestic Appliances divestment, yielding a EUR 2.5 billion gain. Despite supply chain issues, Philips expects low-single-digit sales growth for 2021 and anticipates a return to growth in 2022.
Royal Philips (NYSE: PHG) has launched its next-generation Digital Pathology Suite, aimed at enhancing diagnostic confidence through advanced imaging and AI integration. This scalable solution caters to pathology labs of various sizes, streamlining workflows and improving efficiency. Key features include interoperability with third-party AI tools, superior image quality, and capabilities for team collaboration. The system is designed to alleviate workforce shortages in pathology, thereby aiding personalized oncology care.
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