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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 showcased the benefits of its AI-powered cardiac monitoring solutions at the Heart Rhythm Annual Meeting. Three studies highlighted how Philips' Mobile Cardiac Outpatient Telemetry (MCOT) wearable ECG and AI models improve diagnosis, reduce readmissions, and lower costs. A study published in The Journal of Comparative Effectiveness Research found that MCOT reduces readmissions in stroke patients (30.2% vs. 35.4% with ILR), lowers costs by USD 27,429 over 18 months, and increases survival rates.
Additional research demonstrated that AI-driven ECG technology aids in identifying potentially life-threatening arrhythmias and accurately diagnosing syncope causes. Another study revealed that urgent notifications from MCOT led to timely follow-ups and procedural interventions, enhancing patient outcomes.
Philips will also educate on managing cardiac implantable electronic device (CIED) infections, offering comprehensive lead management solutions.
Royal Philips (NYSE: PHG) announced the exchange ratio for its 2023 dividend, set at 1 new common share for every 29.2684 existing shares. This ratio, based on a volume-weighted average price of EUR 24.8481 on Euronext Amsterdam, equates to a gross dividend of approximately EUR 0.85 per share. Philips plans to issue a total of 30,860,582 new common shares. Distribution and settlement are scheduled for May 16, 2024. Furthermore, Philips will cancel 4,437,164 shares acquired under its EUR 1.5 billion share repurchase program, reducing the total share count to 939,939,384.
Royal Philips announced that its shareholders approved all proposals at the Annual General Meeting of Shareholders (AGM) 2024, including key appointments and resolutions. Feike Sijbesma and Peter Löscher were re-appointed to the Supervisory Board, Benoît Ribadeau-Dumas was appointed as a new member, and Charlotte Hanneman was appointed to the Board of Management as Chief Financial Officer. The resolutions included the adoption of the financial statements for 2023, a dividend of EUR 0.85 per common share, and positive advisory votes on the Remuneration Report 2023. The AGM also approved the Remuneration Policy for the Board of Management and the Supervisory Board, authorized the issuance and acquisition of shares, and cancelled shares.
Philips Avent partners with March of Dimes for the It Starts With Mom initiative, supporting new moms with resources for health and well-being. The partnership aims to benefit local communities, NICU families, and maternity care deserts. A recent survey showed the need for support for new moms, and Philips Avent's Share the Care campaign advocates for community involvement in baby care to allow moms more time for self-care. The initiative highlights the importance of maternal health, with various programs and partnerships focusing on supporting families globally.
Royal Philips and Nicklaus Children’s Health System announced a 10-year strategic collaboration to enhance patient and staff experiences in pediatric care. Philips will provide AI-enabled diagnostic technologies, including MR and ultrasound systems, to improve exam efficiency, reduce the need for rescans, and increase diagnostic confidence. Patient experience technologies like Ambient Experience and Scan Buddy App will help kids feel more comfortable during MRIs. Philips will also enhance Nicklaus Children’s cardiac care with advanced ultrasound systems to automate measurements, reduce exam times, and improve diagnostic accuracy.
Philips delivered first-quarter results in line with 2024 performance improvement plan. Group sales amounted to EUR 4.1 billion, with comparable sales growth of 2.4%. Comparable order intake was -3.8% mainly due to China. USD 1.1 billion Respironics litigation settlement was reached in the US (provision recognized of EUR 982 million). Income from operations was EUR -824 million, including above provision. Adjusted EBITA margin of 9.4% of sales. Free cash outflow of EUR 336 million. EUR 540 million agreement was reached with insurers for Respironics recall-related product liability claims. The CEO of Royal Philips, Roy Jakobs, expressed optimism in the company's software innovation capabilities.
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