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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 has partnered with the NHS Cheshire and Merseyside consortium to establish the UK's first regional hub for the National COVID-19 Chest Imaging Database (NCCID). This milestone allows access to 15 years of imaging data from 2.5 million patients, integrating data across 13 NHS trusts. The deployment of a centralized SMART box server enhances data management and facilitates AI technology validation. The NCCID aims to improve understanding of COVID-19 and support AI-driven patient care, emphasizing quick assessments and consistent treatment throughout the healthcare system.
Philips (NYSE: PHG) and Orbita Inc. have entered a partnership to develop AI-powered virtual assistants for healthcare applications. This collaboration aims to enhance patient engagement and streamline healthcare services. By leveraging Orbita's HIPAA-compliant conversational AI technology, Philips plans to improve digital health solutions across telehealth platforms. The partnership aligns with Philips' strategy to utilize AI for better health outcomes and patient experiences, reflecting the growing demand for efficient healthcare solutions in a rapidly evolving digital landscape.
On March 25, 2021, Royal Philips (NYSE: PHG) announced the sale of its Domestic Appliances business to Hillhouse Capital for an enterprise value of approximately EUR 3.7 billion. Philips expects to receive around EUR 3 billion in cash proceeds after tax and transaction costs. Additionally, a 15-year brand license agreement will yield an estimated net present value of EUR 0.7 billion, leading to a total deal value of approximately EUR 4.4 billion. This business will be listed as a discontinued operation in Philips' financial statements starting Q1 2021.
Royal Philips (NYSE: PHG) has announced its 2021 Annual General Meeting of Shareholders (AGM) to be held on May 6, 2021. Key agenda items include the reappointment of Mr. Marnix van Ginneken and the appointment of Mrs. Chua Sock Koong and Mrs. Indra Nooyi to the Board. Shareholders can vote and follow the meeting via webcast due to COVID-19 safety measures. The full agenda and the Annual Report 2020 are available on Philips’ website.
Royal Philips, American College of Cardiology (ACC), and MedAxiom have announced a collaboration aimed at improving cardiovascular care. This partnership seeks to enhance clinical outcomes and operational efficiency by integrating guidelines and actionable data across various healthcare stakeholders. Cardiovascular disease, a leading global health challenge, is expected to incur direct medical costs of $749 billion by 2035 in the U.S. The collaboration will utilize Philips' expertise and ACC's extensive resources to address these challenges and improve overall patient care.
On March 9, 2021, Royal Philips announced a partnership with openDoctor to enhance its Patient Management Solution by integrating real-time online appointment scheduling. This customized solution aims to minimize appointment no-shows, enhance scheduling convenience, and improve patient satisfaction. Philips' platform has shown significant efficiency improvements, including a 30% rise in referral conversions and a 45% reduction in no-shows. The collaboration seeks to modernize patient engagement processes, benefiting both healthcare providers and patients amidst rising interest in digital health solutions.
Philips Avent launched the Double Electric Breast Pump, Advanced, featuring innovative Natural Motion Technology that simulates a baby's suckling for quicker milk flow. The pump's compact design accommodates busy mothers, offering hands-free use with a rechargeable battery and travel bag for portability. It includes 8 stimulation and 16 expression levels, with a memory function for personalized settings. Priced at $269.99, it is available on Philips.com with widespread retail availability forthcoming.
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