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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) launched two new HealthSuite solutions at HIMSS21, aimed at enhancing patient care through cloud-based technology. The Patient Flow Capacity Suite improves patient logistics and transitions across the care continuum by utilizing analytics for informed decision-making. The Acute Care Telehealth solution promotes flexible telehealth services, adapting to health systems' needs. These solutions support digital transformation, offering secure, connected care while reducing costs and resource strain.
Royal Philips (NYSE: PHG) is set to showcase its latest HealthSuite solutions during the HIMSS21 Global Health Conference from August 9-13, 2021, in Las Vegas. The new solutions focus on enabling digital transformation in healthcare, emphasizing collaborative care, precision medicine, and virtual care. A recent Future Health Index report reveals that 84% of healthcare leaders plan to invest in predictive technologies like AI within the next three years. Philips aims to support health systems in enhancing care quality and efficiency while addressing the quadruple aim of health outcomes, patient experience, and cost reduction.
On August 3, 2021, Philips announced a collaboration with NYU Langone Health to utilize the Philips Genomics Workspace for enhancing cancer treatment. This integration enables the industry's largest cancer sequencing test, the NYU Langone Genome PACT, which was recently FDA-cleared. The test analyzes 607 genes associated with various cancers, improving patient treatment decisions by utilizing next-generation sequencing (NGS) technology. Philips aims to facilitate seamless data sharing within the healthcare ecosystem.
In Q2 2021, Philips reported EUR 4.2 billion in sales, a 9% growth, despite a 15% decline in comparable order intake. The company’s income from continuing operations dropped to EUR 65 million due to a EUR 250 million provision for quality issues. Adjusted EBITA rose to EUR 532 million, up from EUR 390 million the previous year, achieving a margin of 12.6%. Philips announced a EUR 1.5 billion share buyback program to enhance shareholder value, though concerns about component shortages and COVID-19 impacts remain.
On July 21, 2021, Royal Philips announced that the FDA granted Breakthrough Device Designation for its laser-assisted inferior vena cava (IVC) filter removal device. This device aims to address the high failure rate of current IVC filter removal methods, beneficial for over one million U.S. patients. Independent studies indicate that laser-assisted retrieval has a success rate of 96-99% with minimal adverse events. The FDA's designation ensures Philips receives priority review, enhancing access to innovative medical technology aimed at improving patient care.
Royal Philips (NYSE: PHG) and Cognizant (Nasdaq: CTSH) have announced a strategic collaboration to enhance healthcare solutions through digital health platforms. The partnership combines Philips HealthSuite, a cloud-based system, with Cognizant’s engineering expertise to improve patient care and accelerate clinical trials. Over 100 medical devices are integrated into HealthSuite, which securely stores data while providing advanced analytics and AI capabilities. This alliance aims to address fragmented technology in healthcare, ensuring better connectivity between patients and providers.
Royal Philips (NYSE: PHG) and Cognizant (Nasdaq: CTSH) announced a collaboration on July 8, 2021, to develop comprehensive digital health solutions. This alliance combines Philips HealthSuite, a cloud-based platform, with Cognizant's digital engineering expertise to enhance patient care and accelerate clinical trials. The partnership aims to improve healthcare delivery through advanced data analytics and connectivity, facilitating remote patient monitoring and enhancing clinical trial efficiency. The initiative supports life sciences companies in making data-driven decisions faster.
Royal Philips (NYSE: PHG) announced a strategic partnership with NICO.LAB to enhance stroke care. The collaboration integrates advanced solutions, including the Philips Image Guided Therapy System – Azurion – and NICO.LAB's AI-driven StrokeViewer, optimizing decision-making and reducing time to treatment. Stroke remains a leading cause of disability globally, and this partnership aims to expedite patient care through improved information sharing and innovative technologies. The WE-TRUST study has also begun to evaluate the impact of a Direct to Angio Suite workflow on stroke patient treatment.
Royal Philips (NYSE: PHG) has initiated the WE-TRUST trial, a pivotal multicenter study enrolling 564 patients at 15 sites to assess the Direct to Angio Suite workflow for stroke treatment. This trial aims to compare outcomes for patients diagnosed and treated in the angio suite against conventional methods. The study will leverage advanced brain scanning technology to optimize treatment efficiency, potentially shortening the treatment window for stroke patients. The ongoing trial is expected to conclude by 2023 and is critical for enhancing stroke care pathways.
Connect America LLC has acquired the Aging and Caregiving (ACG) business from Royal Philips (NYSE: PHG). While the deal's terms remain undisclosed, Philips retains an equity stake. This acquisition merges two leading healthcare providers, combining over 1,500 employees, 3,000 provider partners, and almost 900,000 subscribers, positively impacting an estimated 10 million lives. The integration is expected to enhance patient health management, reduce hospital admissions, and improve care quality.
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