The medical division of Dutch industrial conglomerate Philips turned in a strong fourth quarter, with rising sales and net income.
For the period (end-December 31), the company's Philips Medical Systems division of Andover, MA, reported sales of 2.03 billion euros ($2.47 billion), up 13% compared with sales of $1.79 billion euros ($2.18 billion) in the fourth quarter of 2004. When adjusted for currency effects, the medical division's sales rose 8%.
The medical group posted an operating profit of 267 million euros ($325.1 million) in the quarter, compared with an operating loss of $353 million ($429.8 million) in the fourth quarter of 2004. Operating income in the 2004 quarter was affected by charges related to the company's MedQuist division and its settlement of a patent lawsuit with Volumetrics. Operating income in the fourth quarter of 2005 was affected by acquisition charges related to the company's purchase of PACS firm Stentor, as well as what the company called a "regional shift in sales."
The company said that bookings in the most recent quarter were very strong, with double-digit growth compared to the fourth quarter of 2004 on a currency-comparable basis. The company said it enjoyed double-digit order growth in CT, nuclear medicine, cardiac and monitoring systems, ultrasound, and x-ray. Sales were particularly strong in Latin America and Asia-Pacific, Philips said.
By AuntMinnie.com staff writers
January 31, 2006
Related Reading
Philips notches Irish contract, January 31, 2006
Philips signs Los Angeles county hospitals, December 20, 2005
Philips demos new CT detector technology, November 30, 2005
Schering partners with Philips, Siemens, November 29, 2005
Road to RSNA, Philips Medical Systems, November 18, 2005
Copyright © 2006 AuntMinnie.com
