AMSTERDAM – Officials at Philips (a Medtrade 2024 exhibitor) reported a 10% increase in third quarter comparable sales for its Connected Care business. Group sales increased 11% on a comparable basis to EUR 4.5 billion. Restructuring and productivity plans were on track with total savings of EUR 258 million in the quarter.
“Our improved operational performance was driven by our focus on execution to enhance patient safety and quality, strengthen our supply chain reliability and establish a simplified operating model,” said Roy Jakobs, CEO of Royal Philips via press release. The order book remains strong, and we are taking the necessary actions to improve order intake by shortening lead times from order to delivery and building on the positive impact we are making with our innovations, for example in predictive data analytics and artificial intelligence across our portfolio, to help improve the quality and efficiency of care delivery.
“Completing the Philips Respironics recall remains our highest priority, with the remediation of the sleep therapy devices almost complete and remediation of the ventilators ongoing,” he continued. “Based on our improved performance, we are further raising the outlook for sales and profitability for the full year 2023, although recognizing uncertainties remain in an increasingly volatile geopolitical environment. The progress reinforces our confidence in delivering on the three-year plan to create value with sustainable impact.”