Strong revenue growth in its Imaging business helped Siemens Healthineers to overcome the impact of the COVID-19 pandemic in its second quarter.
For the period (end-March 31), Siemens had 3.685 billion euros ($3.998 billion) in revenue, up 3.3% on a comparable basis from the 3.505 billion euros ($3.805 billion) reported in the second quarter of 2019. The pandemic negatively impacted growth by about 4 percentage points, according to the vendor.
The company's Imaging operations generated revenue of 2.309 billion euros ($2.504 billion), up 5.8% on a comparable basis compared with the previous year. Growth was led by CT, followed by molecular imaging.
All three geographical reporting regions contributed to the positive revenue trend, led by the Americas region with very strong growth, according to the vendor. Siemens noted, however, that delays in deliveries and installation adversely impacted Imaging revenue growth in the low to mid single-digit range.
Siemens Healthineers had net income of 414 million euros ($449.1 million), up from 381 million euros ($413.6 million) in the second quarter last year. The Imaging business produced adjusted earnings before interest and taxation (EBIT) of 528 million euros ($573.1 million), up from 447 million euros ($485.2 million) a year ago.
Looking ahead, Siemens said that its original forecast for the 2020 fiscal year is no longer valid and is unlikely to be achieved due to the effects of the COVID-19 pandemic. The third quarter is expected to be a low point in the fiscal year, Siemens said.
