In brief: Philips improves orders, VGM & Synapse name new execs, GAMES joins ACMESA  

AMSTERDAM – Philips reported sales of EUR 18 billion in 2024, comparable sales growth of 1% and EUR 5 billion in the fourth quarter, also comparable sales growth of 1%, despite a double-digit decline in China. 

The company reported comparable order intake increased 1% in 2024 and 2% in the fourth quarter, and income from operations was EUR 529 million in 2024 and EUR 199 million in the fourth quarter. 

“Despite double-digit declines in demand in both consumer and health systems in China, we returned to positive order growth and continued to drive margin expansion and cash-flow generation,” said Roy Jakobs, CEO. “Within a persistently challenging macro environment, our focus remains on executing our value creation plan, bringing industry-leading innovations to the market and driving a simplified, more agile operating model. We strengthened our team and culture of impact with care, with patient safety and quality as our No. 1 priority.” 

Philips reported comparable sales increased 7% in Q4 for its Connected Care businesses, which includes sleep, on the back of a low comparison base. Adjusted EBITA margin was 15.0% in Q4, in line with last year. For the full year, the Connected Care businesses recorded a 2% comparable sales increase and an Adjusted EBITA margin of 9.6%. 

Other financial results: 

• Adjusted EBITA margin increased 90 basis points to 11.5% of sales in 2024; up 60 basis points to 13.5% in Q4 

• Net cash flow from operating activities was EUR 1,569 million in 2024; EUR 1,459 million in Q4 

• Free cash flow was EUR 906 million in 2024; EUR 1,285 million in Q4 

Philips also announced that it has finalized recall-related medical monitoring and personal injury settlements in the United States. The aggregate amount of the settlements is USD 1.1 billion, with payments expected in the first half of 2025. 

CAIRE adds Accurate Biomed to network 

BALL GROUND, Ga. - CAIRE has announced that it has added Accurate Biomed Services to its Authorized Service Network in the United States. A long-time customer of CAIRE, Accurate Biomed is a large independent service provider for respiratory and biomedical equipment, including portable oxygen and stationary oxygen concentrators, portable ventilators, in-home fill systems, CPAP and BiPAP machines, sleep apnea monitors, and enteral and infusion pumps. “For more than 20 years, the Accurate Biomed organization has shown itself to be dedicated to quality and providing excellence in service to CAIRE’s customers and our industry peers,” said Lanier Hogan, manager of CAIRE Global Parts and Service. “Because of this, they are an excellent partner and will expand our reach in providing services to our medical equipment providers and patients who depend on CAIRE devices for their oxygen therapy.” Accurate Biomed will support CAIRE customers with in-warranty repairs, including for CAIRE’s FreeStyle Comfort POC and the company’s complete stationary oxygen concentrator line of products. The company has four location – its headquarters in Ocala, Fla., and three regional service centers in Bethany, Mo, New Castile, Ind., and Brockton, Mass. – and boasts nearly 50,000 square feet of production space. 

VGM promotes Thwaits, prioritizes customer success 

WATERLOO, Iowa – VGM Group has promoted Barry Thwaits to the newly created role of executive vice president, customer success, for VGM & Associates. Thwaits will continue to develop a long-term vision for coordinated communications and strategies that help VGM’s customers scale their businesses, including aligning services across sales teams to create a seamless customer experience for HME providers. “VGM has an ongoing responsibility to our members and partners to provide the highest levels of problem solving and innovation to keep our customers ahead of the market,” said Lindy Tentinger, president of VGM & Associates. “Barry's experience both at VGM and previously in the industry positions us for the changing landscape our members and partners are facing.” Thwaits joined VGM in 2022 and most recently served as senior vice president of business development for VGM & Associates. He brings extensive experience in global account management and strategic sales growth from his previous roles in the Medical, Sleep & Home Respiratory business at Philips; Nanowave Air, a division of Dynamics; Ebb Therapeutics; Verustat/Sleep 8; and Inova Labs. In the coming months, VGM will also look for a corporate account executive with substantial experience in the HME industry to join Thwaits’ team. 

Synapse taps former AdaptHealth exec for COO role 

SKOKIE, Ill. - Synapse Health has appointed Shaw Rietkerk as COO to lead the company’s core operations and revenue cycle management. Previously, he served as COO of AdaptHealth, where he was instrumental in the company’s rapid growth by optimizing operations and RCM through technology implementation and process improvement. At Adapt, he was also a supplier partner in Synapse’s initial risk-based model launch, gaining firsthand insight into how Synapse can strengthen suppliers in a value-based care environment, the company says. Prior to Adapt, Rietkerk served as executive vice president and general manager at Brightree. “Shaw is a respected industry veteran who understands the challenges our supplier partners face in a rapidly evolving DME landscape,” said Cory Roberts, co-founder of Synapse Health. “His unique experience with both Adapt and Brightree gives him rare insight into the complexities suppliers of all sizes face in transitioning to value-based care. With Shaw leading our operations, we will strengthen and expand our collaboration with partners to ensure their success within the Synapse model.” 

• Related: Synapse Health’s Tony Kilgore hopes his background in DME will offer some reassurance to reluctant providers as the company implements its new capitated agreement with UnitedHealthcare.  

Family Matters In-Home Care, Homecare California merge 

CAMPBELL, Calif. - Family Matters In-Home Care has acquired Homecare California in a deal that expands their resources and allows the two companies to support families with smooth care transitions and compassionate care, they say. Family In-Home Care, which has locations throughout California, provides in-home care for seniors and adults with disabilities, while Homecare California, which is based in Los Altos, Calif., provides non-medical in-home care services for seniors and individuals who need help with daily living. “This partnership represents an exciting opportunity to expand our ability to serve families with the same level of care and compassion they’ve come to expect,” said Jacob Laffen, CEO of Family Matters In-Home Care. “This merger reflects our shared mission of providing the highest quality, personalized in-home care.” In the coming months, Homecare California will fully transition to the Family Matters In-Home Care name and brand. Paragon Ventures, which advised Homecare California in the sale, says deals like these are a good example of the robust activity in the home health services market, spurred by an aging population and a general preference for at-home care over institutional settings. 

Reliable Medical expands footprint in Georgia 

NASHVILLE, Tenn. - Reliable Medical has acquired Smyrna, Ga.-based Certified Seating and Mobility in a move that will streamline its service delivery and support throughout the state. Noelle and Rullie Hallman launched Certified Seating and Mobility, which serves the greater Atlanta area, in 2015. "We are thrilled to welcome the Certified Seating and Mobility team to the Reliable family,” said Charles Sargeant, CEO of Reliable Medical. “Noelle and Rullie have built a strong business centered around exceptional service and community, which aligns perfectly with our people-first culture. This acquisition enables us to further expand our industry-leading service and innovative approach into a key market.” Reliable Medical is a portfolio company of Seven Hills Capital.  

• Related: Reliable Medical has grown significantly in the past three years and now it has a new CEO that can help the company “catch up.”    
• Related: Reliable Medical’s re-investment from Seven Hills Capital is a testament to how much growth the company still has ahead of it.    

ACMESA adds GAMES 

CARY, N.C. - The Atlantic Coast Medical Equipment Services Association (ACMESA) has added the Georgia Association of Medical Equipment Suppliers to its roster. ACMESA also recently added the Association for Tennessee Home Oxygen & Equipment (ATHOMES). “This additional partnership in less than six weeks continues to expand ACMESA’s reach and strengthens our collective ability to advocate for and support our members,” ACMESA’s board of directors stated in a bulletin. ACMESA will now represent providers in North Carolina, Virginia, West Virginia, Tennessee and Georgia. By joining together, the associations can amplify their collective voice at both state and national levels, expand resources and representation to tackle unique challenges across all member states and strengthen advocacy efforts for providers and patients alike, ACMESA says. “ACMESA remains committed to addressing the unique needs of each state we represent,” it said. “Local advocacy will continue to be a top priority, with Georgia providers actively engaging on critical issues like Medicaid reforms and fee schedules, supported by ACMESA’s expertise and established reputation.”