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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.
Philips reported strong performance in Q2 2024, with comparable sales growth of 2% to EUR 4.5 billion and order intake growth of 9%. The company's Adjusted EBITA margin improved to 11.1%, driven by productivity measures and operational improvements. Key highlights include:
- Income from operations of EUR 816 million, including EUR 538 million insurance income
- Operating cash inflow of EUR 89 million
- Strong performance in North America and mature markets
- Challenges in China due to government anti-corruption measures
- Reaffirmation of full-year 2024 outlook: 3-5% comparable sales growth, Adjusted EBITA margin of 11-11.5%, and free cash flow of EUR 0.9-1.1 billion
Philips continues to focus on enhancing execution, improving supply chain resilience, and increasing productivity through simplification of its operating model.
Royal Philips and Bon Secours Mercy Health (BSMH) have announced a multi-year strategic collaboration for patient monitoring. This partnership aims to reduce the digital burden on staff and provide more time for patient care across BSMH's 49 hospitals. The collaboration includes:
1. Access to Philips' latest monitoring innovations
2. A scalable patient monitoring platform integrating patient data
3. Standardization of patient monitoring across BSMH facilities
4. Cost reduction through a predictable payment model
5. A 10-year journey to transform care delivery
BSMH serves communities in seven U.S. states and Ireland, providing care to patients more than 11 million times annually. The implementation will occur over three years, followed by seven years of maintenance and updates, positioning BSMH at the forefront of healthcare technology.
Royal Philips announced the appointment of Ling Liu as the Chief Region Leader of Philips Greater China, effective immediately. Liu succeeds Andy Ho, who is retiring after a notable career. Liu joins the Executive Committee, reporting to CEO Roy Jakobs. She brings extensive experience in HealthTech and has held various roles within Philips since 1998, including Chief Commercial Officer in Greater China and Head of Finance in North America. This leadership change occurs as Philips celebrates its 100th anniversary in China and continues to focus on supporting China's national health strategy and local innovation.
Royal Philips (NYSE: PHG; AEX: PHIA) has announced the completion of its cancellation of 4,437,164 shares.
This cancellation is part of the previously disclosed EUR 1.5 billion share repurchase program aimed at reducing capital. The buyback program was initially announced on July 26, 2021.
Following this cancellation, the company's current issued share capital now stands at EUR 187,987,876.80, which equates to 939,939,384 common shares.
The ninth annual Future Health Index (FHI) report by Royal Philips reveals critical insights into the US healthcare system's staffing and access challenges. According to the survey, 88% of healthcare leaders find automation important to address staff shortages, with a focus on workflow prioritization. AI and virtual care are gaining traction, with 82% noting virtual care's positive impact on staff shortages and 40% expanding special services to underserved communities. The report highlights that 92% of leaders observe worsening staff well-being, while 81% report care delays due to shortages. Additionally, 45% of organizations use remote patient monitoring for chronic disease management, and AI is increasingly implemented in radiology and in-patient monitoring.
Royal Philips releases the Future Health Index (FHI) 2024 report, highlighting the growing role of AI and virtual care in addressing healthcare challenges. The report reveals that 77% of healthcare leaders face delays in patient care due to staff shortages, with 60% citing increased waiting lists. Automation is viewed as critical by 92% of leaders, but 65% of healthcare professionals are skeptical. Despite financial constraints impacting 81% of leaders, 85% are investing in generative AI technologies. The report stresses the importance of sustainable strategies to tackle financial challenges and reduce CO2 emissions.
Royal Philips announced the FDA 510(k) clearance of its Zenition 90 Motorized mobile C-arm. This innovative system enhances clinical efficiency with high-powered imaging (25 kW) and intuitive motorization designed for complex vascular and various clinical procedures such as cardiac interventions, pain management, and urology.
The Zenition 90 Motorized offers automated workflows and touch screen controls to give clinicians greater flexibility and independence. Usability studies show high satisfaction among clinicians, with 100% reporting complete table-side control and 97% noting time savings during procedures. The new system also boasts a 25% improvement in product life and a 13% increase in power efficiency compared to its predecessor.
Royal Philips (NYSE: PHG) announced the launch of the Duo Venous Stent System after obtaining premarket approval from the FDA. The system, designed to treat symptomatic venous outflow obstruction in patients with chronic venous insufficiency (CVI), was first used outside clinical trials on June 12, 2024, at Sanger Heart & Vascular Institute, Atrium Health. The Duo Venous Stent System includes two stents, Duo Hybrid and Duo Extend, engineered to address the complexities of venous anatomy and obstructions.
The VIVID study, a global clinical trial, supported FDA approval by demonstrating a 90.2% primary patency rate and 98.7% safety rate at 12 months, exceeding performance targets. Improved quality of life and venous functional assessments were noted in patients. Philips' launch aims to enhance clinical outcomes and quality of life for CVI patients globally.
Philips (NYSE: PHG) has unveiled its next-generation AI-enabled cardiovascular ultrasound platform, integrating advanced AI applications into its EPIQ CVx and Affiniti CVx ultrasound systems. These innovations, cleared by the FDA, include the industry's first automated tool for segmental wall motion scoring, enhancing the detection of coronary artery disease and cardio-oncology issues. Additionally, Philips introduces the first fully automated 3D quantification of mitral regurgitation volumes, aiding in consistent and efficient analysis for heart valve disease patients. These advancements aim to speed up cardiac ultrasound analysis, improve diagnostic accuracy, and reduce the burden on echocardiography labs. The new AI tools, co-developed with DiA Imaging Analysis and other technology partners including NVIDIA, promise to enhance clinical decision-making, reduce re-scans, and shorten recovery times. Philips will present these innovations at the ASE2024 annual meeting.
Philips announced its 1,111th installation of the BlueSeal 1.5T magnet, marking a milestone in helium-free MRI operations. This installation took place at the Vida Imaging & Breast Center in Puerto Rico. Since 2018, Philips has led the market in helium-free MRIs, saving approximately 1.9 million liters of liquid helium. The BlueSeal magnet technology allows for controlled shutdowns and re-energizing, important for areas prone to natural disasters like Puerto Rico. This system only requires 7 liters of helium during manufacturing, unlike traditional MRIs that need up to 1700 liters. The technology is AI-enabled and lighter by 900kg compared to conventional systems, making it installable in various challenging locations including mobile units.
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