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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.
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG) has announced the European launch of innovative health technology solutions during the EuroPCR 2021 event (May 18-20). The portfolio includes the Interventional Applications Platform – IntraSight Mobile, facilitating coronary disease therapy, and the OmniWire Pressure Guide Wire, the world’s first solid-core pressure wire for coronary interventions, now CE marked. Additionally, the Philips Laser System simplifies coronary and peripheral atherectomy procedures, enhancing clinical efficiency and patient care.
Royal Philips (NYSE: PHG) announced the integration of its Interventional Hemodynamic System with the Patient Monitor IntelliVue X3 to enhance clinical decision-making and patient monitoring during interventional procedures. This integration allows for continuous monitoring of vital signs and advanced hemodynamic measurements, improving workflow and patient safety. The solution will be showcased at ACC.21 from May 15-17, 2021. While the system is available globally, it is currently not for sale in the U.S.
On May 12, 2021, Royal Philips (PHG) commemorated its 130th anniversary, reflecting on a legacy of innovation aimed at enhancing healthcare. Philips aims to impact 2.5 billion lives annually by 2030 through robust R&D investments of EUR 1.8 billion, with a portfolio of around 59,000 patents. The company has pioneered various medical imaging technologies since World War I and continues to develop AI-driven healthcare solutions. Recent innovations include the AI Workflow Suite and the Azurion Therapy System, emphasizing partnerships with leading healthcare institutions to advance diagnostic and treatment capabilities.
Royal Philips (NYSE: PHG) has donated ultrasound imaging solutions to MedShare, aiding safety net clinics like Axis Community Health in California. This initiative supports the Safe Birthing Initiative, addressing birth equity challenges and improving prenatal care for underserved communities. The Bay Area faces stark racial disparities in maternal care, with African American women significantly more affected. The donation aims to enhance healthcare access, enabling better outcomes for mothers and newborns. MedShare works with over 64 clinics, emphasizing the need for quality care resources in low-income areas.
Royal Philips (NYSE: PHG) held its 2021 Annual General Meeting of Shareholders on May 6, 2021. During this meeting, Mr. Marnix van Ginneken was re-appointed to the Board of Management, while Mrs. Chua Sock Koong and Mrs. Indra Nooyi were appointed to the Supervisory Board. Additionally, the proposal to distribute a dividend of EUR 0.85 per share for the fiscal year 2020 was approved. Philips reported sales of EUR 17.3 billion in 2020 and continues to focus on enhancing health technology solutions globally.
On May 5, 2021, Royal Philips released the Future Health Index 2021 report, representing the largest global survey of healthcare leaders from 14 countries. The survey reveals that 64% prioritize telehealth investments amid the ongoing pandemic, with a projected increase in artificial intelligence investments (from 36% to 74%) in three years. The report emphasizes sustainability, with 58% of leaders planning to prioritize environmental practices. Despite crises, 86% of leaders express optimism regarding healthcare resilience.
Connect America has announced its acquisition of Philips' Aging and Caregiving (ACG) business, which includes the Lifeline Personal Emergency Response System. This strategic move aims to enhance services for North American subscribers by integrating ACG's digital caregiving solutions into Connect America's offerings. The deal is expected to close soon, pending regulatory approvals, with Philips retaining an equity stake in Connect America. Executives from both companies emphasized the synergy and shared commitment to improving care for aging individuals.
On May 4, 2021, Philips Foundation published its 2020 Annual Report, showcasing over 75 successful projects that provided healthcare access to 7.5 million underserved individuals worldwide. The initiatives encompassed various regions, including Africa and China, primarily addressing COVID-19 impacts. Notable projects included donations of medical equipment in Wuhan, AI software for South African hospitals, and mobile ICUs for Italy and Lebanon. The Foundation aims to foster partnerships with social entrepreneurs to develop sustainable healthcare models, continuing its mission to mitigate healthcare inequality globally.
In Q1 2021, Royal Philips reported group sales of EUR 3.8 billion, reflecting a 9% comparable sales growth despite challenges related to COVID-19. The Domestic Appliances business has been classified as a discontinued operation following its sale to Hillhouse Capital. Income from continuing operations showed a loss of EUR 34 million, impacted by a EUR 250 million provision for quality issues in sleep and respiratory care products. Adjusted EBITA rose to EUR 362 million, while operating cash flow improved to EUR 321 million, highlighting strong performance in Diagnosis & Treatment and Personal Health segments.
Royal Philips (NYSE: PHG) is collaborating with the National Minority Quality Forum (NMQF) to enhance healthcare access for high-risk racial and ethnic communities in the U.S. The partnership aims to address severe healthcare disparities, particularly maternal mortality among Black women, who face three times the risk of pregnancy-related deaths. Philips seeks to improve 2.5 billion lives annually by 2030, including 400 million in underserved areas. The initiative includes health clinics in major cities, policy briefings, and a panel at the NMQF Leadership Summit addressing these urgent issues.
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