PHILIPS NV apr 29, 2024 | 6 minuten leestijd
- Group sales amounted to EUR 4.1 billion, with comparable sales growth of 2.4%
- Comparable order intake -3.8%, mainly due to China
- USD 1.1 billion Respironics litigation settlement reached in the US (provision recognized of EUR 982 million)
- Income from operations 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 reached with insurers for Respironics recall-related product liability claims
"We started the year in line with our plan, with order intake growth outside China turning positive and strong margin improvement. Supported by key innovation launches and strong focus on our execution priorities, we remain confident in our performance improvement plan for 2024.
Patient safety and quality is our highest priority, and we have taken important steps in further resolving the consequences of the Respironics recall. The remediation of the sleep therapy devices for patients is almost complete, and the test results to date show the use of these devices is not expected to result in appreciable harm to health. We do regret the concern that patients may have experienced.
The approved consent decree and economic loss settlement, and now the resolution of the personal injury and medical monitoring litigation in the US, are significant milestones and provide further clarity on the way forward for Philips."
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Royal Philips NV published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 02:16:06 UTC.
