Siemens Healthineers posted strong revenue growth in the fourth quarter and full fiscal year of 2024 compared with last year, despite an end to its rapid COVID-19 antigen-test business and difficult market conditions in China.
For the fourth quarter (end-September 30), the company’s revenue was $6.7 billion, up 5.6% from $6.4 billion in the same period last year. Siemens' net income was $669 million in the fourth quarter, up 15% from $579 million over the same period last year.
The company’s Imaging segment generated revenue of $3.7 billion in the fourth quarter, representing growth of 7.7%. Computed tomography and molecular imaging in particular contributed to this positive development, according to Siemens. Revenue in its Varian segment rose 10.5% in the fourth quarter over the prior-year quarter to $1.18 billion, representing a 29.8% increase.
From a geographical perspective, Imaging achieved significant comparable growth in the Americas region in the fourth quarter, as well as in Asia Pacific Japan. In the Europe, the Middle East and Africa (EMEA) region, revenue grew moderately. In the China region, revenue remained level year over year, Siemens said.
For the full fiscal year 2024, Siemens' revenues rose to $24 billion, up 4.7% from $23 billion in fiscal year 2023, the company said. The company’s net income in 2024 was $2.1 billion, up from $1.64 billion in 2023, Siemens reported.
The company’s Imaging segment had total adjusted revenues of $13.2 billion in fiscal year 2024, up 5% from $12.7 billion in 2023. Revenues in Siemens’ Diagnostic segment dipped, with adjusted revenues of $4.73 in fiscal year 2024 compared to $4.85 last year. The company’s Varian segment contributed with very strong revenue growth, with revenues of $4.14 billion, up 8.6% from $3.82 billion last year.
From a geographical perspective, strong year-on-year revenue growth in the Americas and EMEA regions contributed most to the growth. In the Asia Pacific Japan region, comparable revenue grew moderately, yet excluding rapid antigen tests in the previous year, this region also showed strong growth, Siemens said.
Revenue in the China region, meanwhile, declined by a mid-single-digit percentage year over year due to currently delayed customer orders, the company noted.
