Siemens Medical posts strong Q4, year end

Nov 8, 2006

Siemens Medical Solutions held its position among the top earnings performers at German technology conglomerate Siemens in the company's 2006 fiscal year (end-September 30).

The medical division produced fourth-quarter sales of 2.359 billion euros ($3.02 billion U.S.), up 4% compared with the 2.275 billion euros ($2.912 billion) posted in the fourth quarter of 2005. For the fiscal year, the group posted an 8% increase in sales, to 8.227 billion euros ($10.533 billion), compared with the 7.626 billion euros ($9.763 billion) recorded for fiscal 2005.

The Erlangen-based division had a group profit of 324 million euros ($414.8 million) for its fourth quarter, a 7% uptick from the 302 million euros ($386.6 million) posted in the same period last year. Fiscal 2006 also showed economic strength for the division as it recorded 1.061 billion euros ($1.358 billion) of group profit, a 9% gain compared with the profit of 976 million euros ($1.249 billion) shown in the prior year.

The company noted that CTI Molecular Imaging, acquired in the third quarter of fiscal 2005, also contributed to earnings growth for the year.

In addition, the division announced two high-profile acquisitions in fiscal 2006, one of in vitro clinical diagnostic developer Diagnostic Products Corp. (DPC) and the other of the diagnostics business of Bayer Healthcare. The DPC deal closed in July and the Bayer purchase is expected to be completed in early 2007.

By AuntMinnie.com staff writers
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