Philips reported a slight decrease in revenues for its third quarter.
For the period (end-September 30), the company posted revenues of 4.4 billion euros ($4.8 billion U.S.), slightly down from 4.5 billion euros ($4.9 billion) for the same period last year.
Philips attributed the result to a decrease in demand from Chinese hospitals and consumers, although "China remains a fundamentally attractive growth market for Philips in the long term, with market conditions expected to remain uncertain," it said. It updated its comparable sales growth outlook range from 0.5% to 1.5% for 2024, noting that comparable sales growth outside of China remains within the 3% to 5% range.
The company's net income for the quarter also took a hit, at €90 million ($96.3 million) compared with Q3 2023's €182 million ($197 million), a decrease of 50%.
In its diagnosis and treatment segment, Philips posted flat sales compared with Q3 2023 of €2.2 billion ($2.4 million).
This year, Philips has expanded its cardiovascular ultrasound offerings with clearance from the U.S. Food and Drug Administration (FDA) of two AI algorithms for identifying structural heart disease, as well as FDA clearance for its LumiGuide Navigation wire, which uses fiber optic technology to reduce radiation for both patients and physicians during minimally invasive surgery, it said. It also noted that Carilion Clinic in Roanoke, VA, will expand cardiac care access to its patients through 11 Philips interventional suites that include the firm's Azurion image-guided therapy system and its EPIQ CVx cardiology ultrasound system with AI capabilities.
