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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.
The DEFINE PCI study results reveal that iFR co-registration enhances patient outcomes post-PCI by identifying and treating residual ischemia more effectively than conventional angiography. Findings showed that 24% of patients experienced residual ischemia despite successful PCI, with 82% potentially treatable. Patients with optimal post-PCI iFR (≥0.95) had 68% fewer clinical events at one year, indicating significant improvements in survival and reduced angina. Philips continues to innovate with tools like OmniWire and the Azurion platform to advance interventional therapy.
Royal Philips (NYSE: PHG) has entered a seven-year strategic partnership with Mandaya Royal Hospital Puri in Indonesia, combining cutting-edge medical technologies and solutions. This partnership aims to deliver world-class healthcare services through advanced imaging and monitoring systems. Opening in early 2021, the hospital will feature over 350 beds, advanced medical centers, and a capacity to serve over a thousand patients daily. Philips' integrated solutions will enhance patient outcomes and experience while supporting Indonesia's healthcare goals.
Royal Philips (NYSE: PHG) has partnered with LeQuest to offer online interactive training for the Philips Ultrasound Affiniti system. This innovative e-training allows medical staff to practice with realistic simulation scenarios at their convenience, minimizing operational downtime and enhancing staff onboarding. The Affiniti system is designed for efficient diagnosis with low operating costs, supporting various medical applications. The partnership aims to improve healthcare workflows and outcomes, particularly during the COVID-19 pandemic, promoting safe remote training and collaboration.
Philips has launched Philips One by Sonicare, a new battery-operated power toothbrush that targets consumers ready to upgrade from manual brushing. The toothbrush features microvibrations and soft bristles for effective cleaning, along with a two-minute SmarTimer for optimal brushing time. Priced at $24.99, it includes a travel case and offers a subscription service for replacement brush heads and batteries. Available at philips.com/One starting October 1, this innovative product combines design with convenience for on-the-go users.
Royal Philips announces the launch of the QuickClear Mechanical Thrombectomy System, a single-use, all-in-one catheter and pump designed for removing blood clots from peripheral vessels. This system simplifies procedures, eliminating the need for capital equipment, and features a compact design with high aspiration power. Recently cleared by the U.S. FDA, the system aims to provide cost-effective solutions in both hospital and outpatient settings. Philips plans further geographical expansion for this innovative device, enhancing its vascular treatment portfolio.
Royal Philips (NYSE: PHG) has established a seven-year strategic partnership with Tampa General Hospital to enhance technological capabilities at the hospital. This partnership provides TGH with early access to Philips' innovations aimed at improving patient care and operational efficiency, enabling cost-effective solutions. Philips will deliver new software packages, healthcare informatics, and replace bedside monitors across the 1,006-bed facility. This agreement underscores TGH's commitment to innovation and quality healthcare during challenging times, as highlighted by its proactive technology replacement planning.
Philips has launched the Azurion Lung Edition, an advanced imaging platform for lung cancer diagnosis and treatment. This system combines Cone Beam CT with X-ray guidance, enabling clinicians to perform minimally invasive procedures in a single room. Lung cancer causes 1.7 million deaths annually, with over 60% diagnosed late. The Azurion Lung Edition aims to offer timely diagnosis and treatment, potentially enhancing patient outcomes and lowering costs. Currently available in the U.S., this innovative technology is expected to significantly impact lung cancer care.
New analysis shows a potential 50% decrease in air pollution around schools in the UK and Ireland could lead to up to a 20-50% reduction in children with poor lung function. Launched by Royal Philips and the Philips Foundation alongside Global Action Plan, the Clean Air for Schools Framework aims to guide schools in addressing air quality issues. The initiative follows findings that reduced pollution during lockdown led to a significant decline in children's asthma exacerbations. The framework provides tailored action plans to help schools improve air quality.
On September 14, 2020, Royal Philips (NYSE: PHG) announced ambitious Environmental, Social, and Corporate Governance (ESG) commitments for 2025, building on its previous 'Healthy people, Sustainable planet' program. Philips aims for 100% EcoDesign in new products, improve the lives of 2 billion people annually, and achieve CO2 neutrality in operations. Key targets include sourcing 75% renewable energy and increasing circular economy revenues from 15% to 25%. The company also emphasizes transparency in tax contributions and plans to improve labor conditions within its supply chain.
Royal Philips (NYSE: PHG) released its Future Health Index Insights survey focusing on younger healthcare professionals during COVID-19. Key findings include:
- 61% of younger doctors preferred telehealth over AI (53%) as the most impactful technology during the pandemic.
- 47% reported increased appreciation from patients, while 44% noted improved collaboration with colleagues.
- Only 9% are likely to leave the profession, with 38% more committed to staying in medicine.
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