• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Philips delivers strong order intake growth in the second quarter, margin improvement and sales growth; reiterates full-year outlook

    7/29/24 1:00:00 AM ET
    $PHG
    Medical Electronics
    Health Care
    Get the next $PHG alert in real time by email

    July 29, 2024





    Second-quarter highlights

    • Group sales amounted to EUR 4.5 billion, with comparable sales growth of 2%
    • Comparable order intake increased by 9%
    • Income from operations EUR 816 million, including EUR 538 million insurance income*)
    • Adjusted EBITA margin increased to 11.1% of sales
    • Operating cash inflow of EUR 89 million, with a free cash outflow of EUR 64 million 

    Roy Jakobs, CEO of Royal Philips:

    "I am encouraged by our return to order intake growth this quarter, primarily driven by North America. Within a challenging macro environment we achieved strong margin improvement, supported by our productivity program, solid operational cashflow due to improved working capital management and comparable sales growth in line with our plan.

    Performance improvement was driven by progress on our execution priorities and industry-leading innovations. These included FDA-cleared AI tools within our next-generation cardiovascular ultrasound platform to increase automation and productivity.

    We continue to focus on enhancing execution, improving end-to-end supply chain resilience and increasing agility and productivity through simplifying our operating model. Patient safety and quality remains our number one priority."

    Group and segment performance



    Group comparable sales increased 2%, on the back of strong growth in Q2 2023. Growth in mature and growth geographies was partly offset by the decline in China. Comparable order intake grew 9% in the quarter and 3% in the first half of 2024, reflecting quarterly unevenness in the order-intake pattern. China remains a fundamentally attractive growth market with strong underlying demand while the government's anti-corruption measures continued to impact short-term hospital order lead times.

    Adjusted EBITA margin for the group increased to 11.1% compared with 10.1% in Q2 2023, with improvement across all businesses. Free cash outflow was EUR 64 million and included payments of EUR 415 million in connection with the Respironics economic loss settlement in the US, partly offset by initial receipt from insurers of EUR 150 million.

    In the quarter S&P Global Ratings and Moody's Ratings upgraded their credit ratings outlook for Philips to stable. Philips now has stable outlooks for its strong credit ratings across all main global credit rating agencies. The relevant reports and additional credit ratings information can be found here.

    Diagnosis & Treatment comparable sales increased 4%, on the back of double-digit growth in Q2 2023, with growth across Image Guided Therapy and Precision Diagnosis. Adjusted EBITA margin improved to 12.2%, mainly driven by improved sales, pricing and productivity measures.

    Connected Care comparable sales increased 2%, driven by strong growth in Enterprise Informatics, while Monitoring comparable sales growth was flat on the back of strong double-digit growth in Q2 2023. Adjusted EBITA margin improved to 8.8%, mainly driven by productivity measures and pricing.

    Personal Health comparable sales increased 2% globally, driven by sales growth outside of China. Adjusted EBITA margin improved to 16.9%, mainly driven by operational improvements and productivity measures.



    Productivity

    Total productivity savings of EUR 195 million in the quarter: operating model savings of EUR 57 million, procurement savings of EUR 71 million, and other programs' savings of EUR 67 million.

    Outlook



    Philips reiterates its confidence in delivering the 2025 plan, acknowledging that uncertainties remain. For the full year 2024, Philips continues to expect 3-5% comparable sales growth, an Adjusted EBITA margin of 11-11.5%, and free cash flow of EUR 0.9-1.1 billion.

    The outlook excludes the potential impact of the ongoing Philips Respironics-related legal proceedings, including the investigation by the US Department of Justice.

    Customer, innovation and ESG highlights

    • Philips signed multi-year partnerships for monitoring and image-guided therapy with several university hospitals in the Netherlands and will provide patient monitors for the new Grand Hôpital de Charleroi in Belgium, as well as roll out its ePatch and AI-driven analytics platform across 14 hospitals in Spain.
    • Philips secured customer wins in the US including a major multi-year strategic partnership with Bon Secours Mercy Health, one of the country's largest health systems, standardizing innovative patient monitoring solutions across its 49 hospitals, driving better patient outcomes and reducing burdens on staff.
    • Reinforcing its #1 global position in cardiovascular ultrasound, Philips is launching its next-generation AI-enabled cardiovascular ultrasound platform with new FDA-cleared AI tools integrated into the company's EPIQ CVx and Affiniti CVx ultrasound system to advance cardiovascular imaging and increase automation and productivity.
    • Demonstrating its innovation leadership in minimally invasive treatments, Philips announced the first implant of the Duo Venous Stent System following pre-market approval from the US FDA. The system's flexible design allows clinicians to better treat patients with deep venous disease.
    • Philips unveiled a series of consumer health innovations in the Greater China market, meeting key consumer needs across the region. This includes the launch of the first medical-grade Philips Lumea 8000 Series IPL hair removal device with cooling technology, the limited-edition Transformers-themed 5000, 7000 and 9000 series shavers, and the new Sonicare 5300 power toothbrush.
    • S&P recognized Philips as a leader in ESG as one of the first ‘Light green' scores in their newly launched Climate Transition Assessment. Philips was also included in the ‘FTSE4Good' ESG index, and NGO Health Care Without Harm confirmed that Philips meets its Climate Excellence Standard for Health Care Suppliers.
    • Philips won 43 Red Dot design awards, including special recognition for LumiGuide, the company's 3D medical device guidance solution that's paving the way for radiation-free minimally invasive surgery.

    Capital allocation



    In the second quarter, Philips completed the EUR 1.5 billion share repurchase program for capital reduction purposes that was announced on July 26, 2021, and canceled the 4,437,164 shares acquired this year. Philips also distributed a dividend of EUR 0.85 per common share in the form of shares only, resulting in the issuance of 30,860,582 new common shares. Following the distribution of dividend and the cancellation of shares, the total number of issued shares amounts to 939,939,384 common shares. More information is available via this link.



    *) Related to Respironics product liability claim.

    Click here to view the release online

    For further information, please contact:





    Elco van Groningen

    Philips External Relations

    Tel.: +31 6 8103 9584

    E-mail: [email protected]



    Ben Zwirs


    Philips External Relations

    Tel.: +31 6 1521 3446

    E-mail: [email protected]



    Dorin Danu

    Philips Investor Relations

    Tel.: +31 20 59 77055

    E-mail: [email protected]





    About Royal Philips

    Royal Philips (NYSE:PHG, AEX: PHIA))) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips' patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home.

    Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 68,700 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

    Forward-looking statements and other important information



    Forward-looking statements



    This document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about strategy, estimates of sales growth, future Adjusted EBITA*), future restructuring and acquisition related charges and other costs, future developments in Philips' organic business and the completion of acquisitions and divestments. Forward-looking statements can be identified generally as those containing words such as "anticipates", "assumes", "believes", "estimates", "expects", "should", "will", "will likely result", "forecast", "outlook", "projects", "may" or similar expressions. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.



    These factors include but are not limited to: Philips' ability to gain leadership in health informatics in response to developments in the health technology industry; Philips' ability to keep pace with the changing health technology environment; macroeconomic and geopolitical changes; integration of acquisitions and their delivery on business plans and value creation expectations; securing and maintaining Philips' intellectual property rights, and unauthorized use of third-party intellectual property rights; Philips' ability to meet expectations with respect to ESG-related matters; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; breaches of cybersecurity; challenges in simplifying our organization and our ways of working; the resilience of our supply chain; attracting and retaining personnel; challenges in driving operational excellence and speed in bringing innovations to market; compliance with regulations and standards including quality, product safety and (cyber) security; compliance with business conduct rules and regulations including privacy and upcoming ESG disclosure and due diligence requirements; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process; and global inflation. As a result, Philips' actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also the Risk management chapter included in the Annual Report 2023. Reference is also made to section Risk management in the Philips semi-annual report 2024.



    Third-party market share data



    Statements regarding market share contained in this document, including those regarding Philips' competitive position, are based on outside sources such as specialized research institutes, as well as industry and dealer panels, in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management's estimates of rankings are based on order intake or sales, depending on the business.



    Market Abuse Regulation



    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.



    Use of non-IFRS information



    In presenting and discussing the Philips Group's financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRS measures can be found in the Annual Report 2023.



    Presentation



    All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2023. Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes.



    Effective Q1 2024, Philips has revised the order intake policy to reflect the full contract value for software contracts that start generating revenue within an 18-month horizon, instead of only the next 18-months-to-revenue horizon. This change has been implemented to better align with the specific business model of our software businesses, simplify the order intake process, and better align with peers. Prior-period comparable order intake percentages have been restated accordingly. This revision has not resulted in any material changes to the order intake percentages for the periods presented.



    Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares in the second quarter of 2024 in connection with the 2023 share dividend.



    *) Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information.



    Primary Logo

    Get the next $PHG alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $PHG

    DatePrice TargetRatingAnalyst
    2/25/2025Neutral → Outperform
    Exane BNP Paribas
    2/20/2025Neutral → Buy
    UBS
    10/29/2024Underperform → Hold
    Jefferies
    5/13/2024Mkt Perform → Outperform
    Bernstein
    5/7/2024Underperform → Neutral
    Exane BNP Paribas
    4/30/2024Sell → Neutral
    UBS
    4/30/2024Underweight → Neutral
    JP Morgan
    2/7/2024Outperform → Underperform
    Exane BNP Paribas
    More analyst ratings

    $PHG
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Philips shareholders approve all proposals at the AGM 2025

      May 8, 2025 Amsterdam, the Netherlands – Royal Philips (NYSE:PHG, AEX: PHIA)), today announced that its shareholders approved all proposals at the Annual General Meeting of Shareholders (AGM) 2025, including: The re-appointment of Ms Indra Nooyi and Ms Chua Sock Koong as members of the Supervisory Board.The appointment of Mr Bob White as a new member of the Supervisory Board.The re-appointment of Mr Marnix van Ginneken as member of the Board of Management. The discharge of the members of the Board of Management, and of the members of the Supervisory Board.A full overview of the resolutions taken at the AGM 2025 can be found below. Feike Sijbesma, Chairman of Philips' Supervisory Board, sa

      5/8/25 12:16:51 PM ET
      $PHG
      Medical Electronics
      Health Care
    • Philips delivers on Q1 results, with ongoing order intake growth

      May 6, 2025Q1 2025 Group performance Group sales EUR 4.1 billion, reflecting a 2% decline in comparable sales growth mainly due to China; slightly ahead of company outlook due to Personal Health growth and royalty phasingComparable order intake increased 2% despite China declineIncome from operations increased to EUR 154 millionAdjusted EBITA margin declined 80 bps to 8.6% of sales, driven by sales phasingFree cash outflow of EUR 1,091 million included EUR 1,025 million payment for Philips Respironics recall-related medical monitoring and personal injury settlements in USUpdated full year 2025 outlook for Adjusted EBITA margin and free cash flow; sales outlook remains unchanged Roy Jakobs,

      5/6/25 1:00:00 AM ET
      $PHG
      Medical Electronics
      Health Care
    • New Philips Norelco Shaver i9000 Prestige Ultra Introduces the Brand's First "Root-Level" Shave, for Closest Shave Yet

      The World's Most intelligent Shaver from Philips Norelco sets new standards for closeness, comfort and customization. CAMBRIDGE, Mass., May 1, 2025 /PRNewswire/ -- Royal Philips (NYSE:PHG, AEX: PHIA)), a global leader in health technology, is introducing the newest addition to its signature rotary shaving product suite with its most groundbreaking shaver yet. Philips Norelco Shaver i9000 Prestige Ultra, powered by artificial intelligence (AI), is the most intelligent shaver on the market, delivering on maximum comfort, superior precision, and ultimate personalization while providing a seamless user experience and results that last all day.

      5/1/25 9:00:00 AM ET
      $PHG
      Medical Electronics
      Health Care

    $PHG
    Financials

    Live finance-specific insights

    See more
    • Philips delivers on Q1 results, with ongoing order intake growth

      May 6, 2025Q1 2025 Group performance Group sales EUR 4.1 billion, reflecting a 2% decline in comparable sales growth mainly due to China; slightly ahead of company outlook due to Personal Health growth and royalty phasingComparable order intake increased 2% despite China declineIncome from operations increased to EUR 154 millionAdjusted EBITA margin declined 80 bps to 8.6% of sales, driven by sales phasingFree cash outflow of EUR 1,091 million included EUR 1,025 million payment for Philips Respironics recall-related medical monitoring and personal injury settlements in USUpdated full year 2025 outlook for Adjusted EBITA margin and free cash flow; sales outlook remains unchanged Roy Jakobs,

      5/6/25 1:00:00 AM ET
      $PHG
      Medical Electronics
      Health Care
    • Philips convenes the Annual General Meeting of Shareholders 2025

      March 24, 2025Amsterdam, the Netherlands – Royal Philips (NYSE:PHG, AEX: PHIA)) today announced it has convened the Annual General Meeting of Shareholders (AGM) 2025 and published the agenda with explanatory notes.As previously announced, the agenda includes: Proposal to appoint Mr Bob White (American, 1962) as a new member of the Supervisory Board, with effect from May 8, 2025.Proposals to re-appoint Ms Indra Nooyi (American, 1955) and Ms Chua Sock Koong (Singaporean, 1957) as members of the Supervisory Board, with effect from May 8, 2025.Proposal to re-appoint Mr Marnix van Ginneken (Dutch, 1973) as a member of the Philips Board of Management, with effect from May 8, 2025.  The agenda fu

      3/24/25 4:00:00 AM ET
      $PHG
      Medical Electronics
      Health Care
    • Philips delivers growth, improved profitability, and strong cash flow in Q4 and 2024; continues solid execution of its three-year plan

      February 19, 2025Full Year and Q4 Group performance highlights Sales of EUR 18.0 billion in 2024, comparable sales growth 1%; EUR 5.0 billion in Q4, comparable sales growth 1%, despite double-digit decline in ChinaComparable order intake increased 1% in 2024; up 2% in Q4, despite double-digit decline in ChinaIncome from operations was EUR 529 million in 2024; EUR 199 million in Q4Adjusted EBITA margin increased 90 basis points to 11.5% of sales in 2024; up 60 basis points to 13.5% in Q4Net cash flow from operating activities was EUR 1,569 million in 2024; EUR 1,459 million in Q4Free cash flow was EUR 906 million in 2024; EUR 1,285 million in Q4Finalized Philips Respironics recall-related me

      2/19/25 1:00:00 AM ET
      $PHG
      Medical Electronics
      Health Care

    $PHG
    SEC Filings

    See more
    • SEC Form 6-K filed by Koninklijke Philips N.V. NY Registry Shares

      6-K - KONINKLIJKE PHILIPS NV (0000313216) (Filer)

      5/6/25 7:58:01 AM ET
      $PHG
      Medical Electronics
      Health Care
    • SEC Form 6-K filed by Koninklijke Philips N.V. NY Registry Shares

      6-K - KONINKLIJKE PHILIPS NV (0000313216) (Filer)

      3/24/25 8:18:19 AM ET
      $PHG
      Medical Electronics
      Health Care
    • SEC Form 6-K filed by Koninklijke Philips N.V. NY Registry Shares

      6-K - KONINKLIJKE PHILIPS NV (0000313216) (Filer)

      2/21/25 10:15:15 AM ET
      $PHG
      Medical Electronics
      Health Care

    $PHG
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Philips upgraded by Exane BNP Paribas

      Exane BNP Paribas upgraded Philips from Neutral to Outperform

      2/25/25 7:12:36 AM ET
      $PHG
      Medical Electronics
      Health Care
    • Philips upgraded by UBS

      UBS upgraded Philips from Neutral to Buy

      2/20/25 7:05:01 AM ET
      $PHG
      Medical Electronics
      Health Care
    • Philips upgraded by Jefferies

      Jefferies upgraded Philips from Underperform to Hold

      10/29/24 6:28:08 AM ET
      $PHG
      Medical Electronics
      Health Care

    $PHG
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13D/A filed by Koninklijke Philips N.V. NY Registry Shares

      SC 13D/A - KONINKLIJKE PHILIPS NV (0000313216) (Subject)

      6/25/24 4:35:57 PM ET
      $PHG
      Medical Electronics
      Health Care
    • SEC Form SC 13D/A filed by Koninklijke Philips N.V. NY Registry Shares (Amendment)

      SC 13D/A - KONINKLIJKE PHILIPS NV (0000313216) (Subject)

      5/16/24 5:52:57 PM ET
      $PHG
      Medical Electronics
      Health Care
    • SEC Form SC 13D filed by Koninklijke Philips N.V. NY Registry Shares

      SC 13D - KONINKLIJKE PHILIPS NV (0000313216) (Subject)

      8/23/23 12:44:28 PM ET
      $PHG
      Medical Electronics
      Health Care

    $PHG
    Leadership Updates

    Live Leadership Updates

    See more
    • Philips shareholders approve all proposals at the AGM 2025

      May 8, 2025 Amsterdam, the Netherlands – Royal Philips (NYSE:PHG, AEX: PHIA)), today announced that its shareholders approved all proposals at the Annual General Meeting of Shareholders (AGM) 2025, including: The re-appointment of Ms Indra Nooyi and Ms Chua Sock Koong as members of the Supervisory Board.The appointment of Mr Bob White as a new member of the Supervisory Board.The re-appointment of Mr Marnix van Ginneken as member of the Board of Management. The discharge of the members of the Board of Management, and of the members of the Supervisory Board.A full overview of the resolutions taken at the AGM 2025 can be found below. Feike Sijbesma, Chairman of Philips' Supervisory Board, sa

      5/8/25 12:16:51 PM ET
      $PHG
      Medical Electronics
      Health Care
    • Philips proposes new Supervisory Board appointments and reappointments, and Board of Management reappointment

      Mr David Pyott to retire from Philips' Supervisory Board after his third consecutive term.Mr Bob White proposed as new member of the Supervisory Board.Ms Indra Nooyi and Ms Chua Sock Koong proposed for reappointment as members of the Supervisory Board.Mr Marnix van Ginneken proposed for reappointment as member of Philips' Board of Management. February 19, 2025Amsterdam, the Netherlands – Royal Philips (NYSE:PHG, AEX: PHIA)), a global leader in health technology, today announced proposed Supervisory Board appointments and reappointments, and a proposed Board of Management reappointment. Mr David Pyott (British/American, 1953) will retire from Philips' Supervisory Board at the end of the Annu

      2/19/25 1:05:00 AM ET
      $PHG
      Medical Electronics
      Health Care
    • Philips appoints Jie Xue as Chief Business Leader Precision Diagnosis, co-leader of the Diagnosis & Treatment segment, and Özlem Fidanci as Chief of International Region

      January 9, 2025 Amsterdam, the Netherlands – Royal Philips (NYSE:PHG, AEX: PHIA)), a global leader in health technology, today announced the appointment of Jie Xue as Chief Business Leader Precision Diagnosis, and Özlem Fidanci as Chief of International Region, both effective January 1, 2025. Ms. Xue and Ms. Fidanci have joined Philips' Executive Committee and report directly to Roy Jakobs, CEO of Philips.Ms. Xue joins Philips from GE Healthcare to lead the Precision Diagnosis business that was temporarily led by Bert van Meurs, who will continue to lead Philips' Image Guided Therapy business. Ms. Xue and Mr. Van Meurs will be jointly responsible for the Diagnosis & Treatment segment. Ms. F

      1/9/25 4:00:00 AM ET
      $PHG
      Medical Electronics
      Health Care