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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.
On September 2, 2020, Royal Philips (NYSE: PHG) showcased innovations at its virtual consumer health event, emphasizing the shift towards "health-at-home" solutions fueled by the COVID-19 pandemic. CEO Frans van Houten noted an increasing focus on preventative care and digital healthcare services. Philips introduced connected health solutions enabling users to monitor their health and engage with caregivers remotely. Innovations include teledentistry services and apps for expectant parents. These developments not only address consumer needs but also reflect a strategic pivot in Philips' health technology offerings.
Royal Philips (NYSE: PHG) announced the next-generation Azurion image-guided therapy platform, enhancing clinical and operational lab performance. This platform integrates imaging, physiology, hemodynamic, and informatics applications for improved clinician control during procedures. It features SmartCT, allowing 3D CT-like image acquisition and visualization. With over two million procedures performed since its launch, Azurion helps streamline workflows, improve decision-making, and optimize patient care. The platform is available in three versions, catering to specific customer needs.
Royal Philips (NYSE: PHG) announced a partial termination of its ventilator contract with the U.S. Department of Health and Human Services (HHS), reducing the original order of 43,000 ventilators by 30,700 units. Philips has successfully delivered 12,300 ventilator configurations to the Strategic National Stockpile by the end of August 2020. CEO Frans van Houten stated that while the reduction will impact financial performance, the company expects to achieve modest sales growth and an Adjusted EBITA margin comparable to last year by year's end.
Philips has launched the Affiniti CVx and released version 7.0 of its EPIQ CVx ultrasound systems at ESC 2020. These advancements aim to enhance productivity in cardiology departments amid rising patient volumes linked to cardiac diseases. Key features include a streamlined workflow for cardiologists, AutoStrain technology that delivers a 70% reduction in analysis time, and various automated tools for improved diagnostic confidence. The Affiniti CVx has not yet received a CE mark for EU marketing.
Royal Philips (NYSE: PHG) is showcasing its latest cardiac care innovations at the ESC Congress 2020, emphasizing integrated solutions that enhance clinical confidence and improve patient outcomes. Key highlights include the launch of the Affiniti CVx ultrasound solution and enhancements to the EPIQ CVx. Philips' offerings aim to facilitate value-based care amidst the COVID-19 pandemic, aiding healthcare providers in balancing quality and cost. The event runs from August 29 to September 1, focusing on the importance of informed decision-making through advanced informatics.
Royal Philips (NYSE: PHG) announced enhancements to its KODEX-EPD cardiac imaging system, aimed at improving cryoablation procedures for patients with Atrial Fibrillation (AF). The system is now operational at 40 sites worldwide, having treated over 1500 patients. Key improvements include faster, high-resolution imaging, enhanced mapping functionality, and new visualization options. The KODEX-EPD system allows for quicker, radiation-free imaging, which could lead to better patient outcomes and more efficient workflows for healthcare providers.
Royal Philips (NYSE: PHG) and B. Braun Medical Inc. received FDA clearance for Onvision®, an innovative ultrasound guidance solution for real-time needle tip tracking in regional anesthesia. This technology aims to enhance accuracy in Peripheral Nerve Blocks (PNBs), potentially reducing the inefficacy rate of such procedures, currently estimated at 10-15%. The Onvision system, integrated with the Xperius® ultrasound system, offers anesthesiologists increased confidence and efficiency during procedures. The solution is expected to be available in the U.S. by Q4 2020, complementing its existing CE mark for the EU and Chile.
Royal Philips (NYSE: PHG) and B. Braun have received FDA 510(k) clearance for Onvision, an advanced ultrasound guidance solution designed for real-time needle tip tracking during peripheral nerve blocks. This technology addresses the critical challenge of accurate needle placement, which is essential for successful regional anesthesia. Onvision is anticipated to enhance procedural efficiency and increase the confidence of anesthesiologists. This innovative product also boasts CE marking and is expected to be available in the U.S. by Q4 2020.
Royal Philips launched its Rapid Equipment Deployment Kit, aimed at enhancing critical care patient monitoring amidst the COVID-19 pandemic. This innovative solution allows hospitals to swiftly scale ICU capabilities, providing 20 monitors and necessary equipment to transform general care areas into critical care units within hours. The kits, currently in use across the U.S., also help manage surges in healthcare demand during natural disasters and health crises. Philips emphasizes efficiency and rapid deployment to support healthcare workers in urgent situations.
Royal Philips (NYSE: PHG) launched the Virtual Care Station, a telehealth solution enabling access to clinicians in community locations like retail settings and libraries. Designed to mitigate barriers to telehealth, it offers local, face-to-face virtual care, particularly in underserved areas. This initiative aligns with the Quadruple Aim, aiming to enhance clinical outcomes, reduce costs, and improve satisfaction. The station is tailored for various needs, including wheelchair accessibility, and has potential future applications like tele-dentistry. Philips aims to alleviate pressure on overburdened healthcare systems during the COVID-19 pandemic.
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