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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) has launched its FDA 510k-cleared real-time 3D intracardiac echocardiography (ICE) catheter, VeriSight Pro, which aims to enhance the standard of care in structural heart disease and electrophysiology procedures. This innovative catheter minimizes the need for general anesthesia, streamlining workflows and expanding treatment options. Used alongside the Philips Premium Cardiology Ultrasound System (EPIQ CVx), it provides superior imaging capabilities, optimizing procedure efficiency while reducing risks associated with traditional imaging methods.
Royal Philips (NYSE: PHG) announced the adoption of its cloud-based enterprise imaging solutions by Children's Hospital & Medical Center, enhancing patient care and clinical outcomes. This collaboration focuses on improved diagnostics through advanced visualization, efficient workflows, and decision support analytics. The scalable, vendor-agnostic platform will improve interoperability, aiding clinicians with comprehensive patient data. Additionally, Children's is set to implement Philips PerformanceBridge for workflow optimization.
Royal Philips (NYSE: PHG) has developed a revolutionary cardiac MRI technique that reduces scan time from about one hour to less than one minute. This advancement, validated through clinical trials with over 100 patients, is designed to enhance patient comfort, increase access to care, and reduce healthcare costs. The new method, termed Enhanced SENSE by Static Outer-volume Subtraction (ESSOS), can be implemented on existing MRI scanners. Results indicate that the new protocol achieves equivalent diagnostic accuracy while minimizing patient discomfort during examinations.
Philips has initiated the DEFINE GPS study, a global trial involving 3,200 participants across 100 sites, aimed at evaluating patient outcomes in PCI procedures directed by instantaneous wave-free ratio (iFR) data. The study compares iFR-guided interventions versus standard angiogram methods. Notably, the guidelines support physiological measurement use, like iFR, during PCI. This trial follows the DEFINE PCI study, aiming to improve treatment outcomes and cost-effectiveness, highlighting Philips' commitment to advancing healthcare technology.
On June 14, 2021, Philips announced a voluntary recall of specific Bi-Level PAP, CPAP, and mechanical ventilator devices due to potential health risks associated with the polyester-based polyurethane foam used in these products. The recall affects first-generation DreamStation devices, where foam degradation may lead to harmful particles entering the air pathway. Philips has initiated corrective actions including repair and replacement programs, while projecting an additional EUR 250 million in costs. Despite this, the company expects its overall growth guidance for 2021 to remain unchanged.
Royal Philips (NYSE: PHG) announced the exchange ratio for its 2020 dividend, set at 1 new share for every 53.9278 existing shares. This ratio was determined based on a volume weighted average price of EUR 45.8086 from early June 2021. Shareholders had the opportunity to choose between cash and shares until June 4, 2021. 37.7% opted for a share dividend, resulting in 6,345,968 new shares issued. The cash and share dividends will be payable from June 9, 2021. Philips anticipates a reduction in issued shares by year-end 2021 due to share repurchase programs.
On June 7, 2021, Philips (NYSE: PHG) presented its vision for digital transformation in healthcare at the HIMSS and Health 2.0 European Congress. The company showcased scalable, interoperable informatics solutions designed to enhance clinical decision-making, improve patient outcomes, and reduce care costs. Philips emphasized the rising importance of telehealth, as nearly two-thirds of healthcare leaders prioritize investments in this area. Key themes included Healthcare Anywhere, Digital Transformation, and Precision Care, highlighting Philips' robust solutions aimed at optimizing healthcare delivery.
On June 7, 2021, Philips (NYSE: PHG) and Elekta announced an extended strategic partnership to enhance cancer care through precision oncology solutions. This collaboration aims to improve patient outcomes by offering integrated systems for clearer diagnosis and treatment pathways. Notable benefits include quicker visualization of tumors, optimized treatment strategies, and reduced therapy costs. The partnership focuses on leveraging each company's strengths to enhance interoperability between their systems, ultimately striving for better cancer care delivery.
Royal Philips (NYSE: PHG) announced positive results from the Tack Optimized Balloon Angioplasty (TOBA) II clinical trial, demonstrating that its Tack Endovascular System provides sustained treatment effects over two years for patients with Peripheral Artery Disease (PAD) and Critical Limb Ischemia (CLI). Key outcomes include 73.6% freedom from clinically driven target lesion revascularization and 94.7% target limb salvage in CLI patients. The data, presented at the 2021 New Cardiovascular Horizons conference, highlights the significant clinical benefits and improved quality of life for patients treated with this innovative device.
Philips (NYSE: PHG) and Akumin Inc. announced a strategic collaboration to deploy Philips’ Radiology Operations Command Center across Akumin’s outpatient imaging network. This partnership aims to enhance access, quality, and productivity within Akumin’s operations, which involve over 130 outpatient imaging centers across seven U.S. states. The command center will standardize imaging procedures and improve clinical personnel productivity, addressing key radiology challenges. Both companies emphasize the potential for improved patient outcomes and operational efficiency through this innovative approach.
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