Philips Healthcare parent company Royal Philips posted a sales increase for the first quarter of 2023 but sustained a decrease in net income.
For the first quarter (end-March 31), Philips posted revenues of 4.2 billion euros ($4.6 billion U.S.), up 6% from $3.9 billion euros ($4.3 billion) for the same period last year. The company attributed the uptick to its diagnosis and treatment businesses, which saw a sales increase of 15%, from 1.9 million euros in 2022 ($21 million) to 2.2 million euros ($2.4 million) in 2023.
The company sustained a net loss of 665 million euros ($735 million), compared with 151 million euros ($167 million) in the first quarter of 2022.
On a geographical basis, sales in markets such as China, the Middle East and Turkey, Latin America, and Central Europe grew 10%. Revenues from mature geographic regions such as North America and Western Europe rose 9%, the company said.
