Royal Philips Electronics reported record sales in its Philips Medical Systems division in its fiscal 2005 third quarter (end-September 30).
For the period, Philips Medical of Andover, MA, posted sales of 1.53 billion euros ($1.83 billion U.S.), a 9% uptick in nominal sales (prior to currency adjustments) when compared with the 1.41 billion euros ($1.68 billion) reported in the same period the year before. When adjusted for currency effects, sales grew 7%.
Operating income for the division declined to 155 million euros ($185 million) from the 164 million euros ($196 million) posted in the same quarter last year.
Philips said sales-driven income from operations was offset by a 13 million euro ($15.5 million) decline at speech recognition provider and medical transcription firm MedQuist due to lower sales, higher costs, and a billing investigation. In addition, the company said that it took an approximately 11 million euro ($13 million) charge related to its acquisition of PACS firm Stentor in August.
By AuntMinnie.com staff writers
October 19, 2005
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