Philips: Sales were down, orders were up in Q4, 2021
By HME News Staff
Updated 10:30 AM CST, Mon January 24, 2022
AMSTERDAM, the Netherlands – Philips’ comparable sales decreased 32% in the fourth quarter of 2021 for the Connected Care business due, in part, to a double-digit decline in Sleep & Respiratory Care associated with the recall.
For the full year, the Connected Care business recorded a 23% comparable sales decrease.
“Patient well-being is at the heart of everything we do at Philips, and we remain extremely focused on repairing and replacing the devices related to the Philips Respironics recall notification,” said Frans van Houten, CEO. “We are conducting a comprehensive test and research program and provided an update in December on the positive VOC test results related to the first-generation DreamStation devices.”
In addition to the update on testing in December, Philips announced earlier this month that it was increasing its provision for the recall program by another EUR 225 million.
Overall, Philips reported group sales of EUR 4.9 billion for the fourth quarter, a 10% comparable sales decline, and EUR 17.2 billion for the full year, a 1% comparable sales decline. A positive note: Comparable order intake increased 4% for each the fourth quarter and the full year, driven by double-digit growth in the Diagnosis & Treatment business.
“This further builds on the high-single-digit Group comparable order intake growth in 2020, resulting in an all-time-high order book,” van Houten said.
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