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Philips eyes growth in second half of the year, despite 6% decline in Q2 sales

by John R. Fischer, Senior Reporter | July 21, 2020
Business Affairs

Philips also credited its strategic partnerships for its growth, having formed 14 new ones in the second quarter alone, including one with the U.S. Department of Veterans Affairs to expand its tele-critical care program and create the world’s largest system for veterans with remote access to intensive care expertise. “In my recollection, that’s an unprecedented number in a single quarter,” said van Houten.

In addition, the company received FDA clearance for its CX50 and Lumify ultrasound solutions for the management of COVID-19-related lung and cardiac complications, as well as a number of new monitoring solutions with remote monitoring capabilities. These include Philips' IntelliVue Patient Monitors MX750/MX850 for the ICU, Philips' Biosensor BX100 for early patient deterioration detection in the general ward, and in collaboration with BioIntelliSense, the BioSticker medical device to monitor at-risk patients from the hospital to the home.

Philips has since rescheduled all postponed installations and does not expect any further delays. Van Houten says it has shifted commercial efforts to online sales and is enabling virtual visits among hospitals to see and test its equipment. He adds that he foresees the pandemic bringing forth a number of changes among world governments that will help healthcare players prepare and address future pandemics and emergencies.

“I think we can expect, potentially, a wave of government programs that still need to come into action,” he said. “In Europe, for example, this is on the agenda of the European Commission to make investments, to heighten preparedness for a further wave of breakouts. If and when those programs happen, that could be additional business. I’m also encouraged to see there is now a dialogue around a European Health data ecosystem, which would be advantageous to bring care to the next level, but also enable research and development to big data and AI.”

Income from continuing operations was over $24 million (€213 million), compared to over $29 million (€260 million) in Q2 2019. EPS from continuing operations (diluted) amounted to EUR 0.23; Adjusted EPS amounted to EUR 0.35, compared to EUR 0.42 in Q2 2019.

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