The Diagnosis & Treatment business was a highlight for Philips in fourth-quarter financial results. The division, which includes the company's medical imaging activities, posted stable revenues while other Philips business declined.
For the period, the Diagnosis & Treatment division posted sales of 2.508 billion euros ($2.842 billion), flat after adjusting for currency changes compared with the year before. Revenues in the company's Connected Care business fell 32% after currency adjustment, while the Personal Health division dropped 3%.
The company said that the Diagnosis & Treatment business saw double-digit growth in Image-Guided Therapy during the fourth quarter.
For the entire company, Philips posted fourth-quarter sales of 4.944 billion euros ($5.602 billion), which represented a decrease of 10% after currency adjustment and about 350 million euros ($396.6 million) lower than what it anticipated. The company attributed the decrease to supply chain challenges.
For the full year, the Diagnosis & Treatment division saw an increase in revenues of 8% after currency adjustment, and an adjusted earnings before interest, taxes, and amortization (EBITA) margin of 12.4%.
