Philips gains on Q1 results

Royal Philips (NYSE:PHG) shares closed up today in Amsterdam and had gained nearly 5% on Wall Street after the Dutch healthcare conglomerate reported better-than-expected profit numbers for the first quarter. Philips posted profits of €124 million ($151.5 million), or €0.13 per share, on sales of €3.94 billion ($4.81 billion), for a bottom-line slide of -52.1% compared with Q1 2017. But adjusted earnings before interest, tax & amortization were €344 million ($420.2 million), well above analysts’ consensus for adjusted EBITA of €332 million ($405.5 million). That sent PHIA.AS shares up 5.3% to a €34.67 close today in Amsterdam; in New York, PHG shares were up 4.5% to $42.42 apiece today in mid-day activity. “We saw very good order growth in diagnosis and treatment across the three business units there, notably diagnostic imaging, ultrasound and image-guided therapy. What drove it was a slate of innovations that we launched in the second half of last year. Basically, we have renewed 70% of the product portfolio and that is appealing to the markets, to the customers. Moreover, I think we have really made a step forward in embedding artificial intelligence and informatics in conjunction with the imaging modalities, and thereby being able to drive productivity, both in terms of diagnostic outcomes, the precision of the diagnosis as well as the improved utilization,” CEO Frans van Houten told MassDevice.com this morning in a telephone intervi...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat royalphilips Source Type: news