The Philips Medical Systems segment of Royal Philips Electronics posted 2003 year-end sales of 5.99 billion euros ($7.59 million U.S.), down from 6.84 billion euros ($8.67 billion) in fiscal 2002.
Excluding the effects of currency movements and the divestment of its Health Care Products subsidiary in 2002, the company said sales in the medical division increased by 7% for the year. The division’s operating income grew smartly, with the unit reporting a profit of 431 million euros ($546 million) in 2003, an increase over the 309 million euros ($391 million) recognized in 2002.
The growth in income from operations was driven by cardiac and monitoring systems, ultrasound, and healthcare IT sales, Philips said.
The vendor also noted that, expressed in local currencies, all of its medical systems' markets grew, with the exception of Europe. Philips plans to expand its service offerings in order to create customer contracts and increase its IT presence through a strategic alliance with healthcare informatics developer Epic Systems of Madison, WI.
By AuntMinnie.com staff writersFebruary 11, 2004
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