Tag: Philips
Philips reports improvement in profitability
October 28, 2024HME News Staff
AMSTERDAM – Philips reported group sales of EUR 4.4 billion, with flat comparable growth, and adjusted EBITDA margin of 11.8%, up 160 basis points, for the third quarter of 2024.
In the Connected Care business, the company reported comparable sales were flat, with growth in Enterprise Informatics and Sleep & Respiratory Care offset by a low-, single-digit decline in Monitoring, on the back of high-teens growth in the same period last year.
“Strong improvement in profitability...
Philips issues correction for vents
October 8, 2024HME News Staff
CAMBRIDGE, Mass. – Philips Respironics has issued a voluntary correction for Trilogy Evo, Trilogy Evo O2, Trilogy Evo Universal and Trilogy EV300 ventilators regarding the use of in-line nebulizers.
The company has determined that, in some circumstances, the use of in-line nebulizers placed in certain locations may lead to aerosol deposits forming over time on the ventilator flow sensor. Should this occur, there is a possibility of patient impact due to one or more of the following...
PSN Labs responds to Philips lawsuit
October 7, 2024HME News Staff
PITTSBURGH – PSN Labs has disputed claims made by Philips that the lab caused “significant damage” to the company by conducting “numerous egregious errors in its testing and analysis” related to recalled sleep and respiratory devices. In a response filed Sept. 27 in the U.S. District Court for the Western District of Pennsylvania, PSN says the company “has continued to mischaracterize testing results in an effort to conceal the ultimate foam degradation issue.”...
In brief: Industry’s warning, Philips’ lawsuit, AdaptHealth’s results, NSM’s potential sale
August 6, 2024HME News Staff
ARLINGTON, Va. – The now expired 75/25 blended Medicare reimbursement rates served as a lifeline for many HME companies in non-bid, non-rural areas and immediate intervention is needed to preserve this infrastructure that allows individuals to manage their medical needs at home, according to a new report from AAHomecare.
The report is based on a recent survey that found an overwhelming 93.5% of respondents have had to make difficult operational changes in response to the expired rates...
Philips blames lab for breadth of recall
August 5, 2024HME News Staff
PITTSBURGH – Philips says PSN Labs conducted “numerous egregious errors in its testing and analysis” related to the company’s recalled sleep and respiratory devices, causing it “significant damage.”
In a lawsuit filed July 29 in U.S. District Court for the Western District of Pennsylvania, Philips says PSN’s work was a big reason it initiated a worldwide recall of more than 15 million sleep and respiratory devices in June 2021 and that the company...
Philips repurchases shares to meet obligations
August 5, 2024HME News Staff
AMSTERDAM – Philips will repurchase shares for an amount up to EUR 125 million to cover certain obligations arising from its long-term incentive plans. At the current share price, this represents about 4.8 million shares. The repurchases will be executed through a combination of forward transactions and open-market purchases with a financial institution. Philips expects to take delivery of the forward share purchases in 2026. The open market purchases will be executed in Q3 2024 by an intermediary...
Philips CEO: ‘We still are relevant’
July 30, 2024Liz Beaulieu, Editor
AMSTERDAM – The “pruning” that Philips has been doing in its Connected Care business, which includes Sleep & Respiratory Care, is “working,” says CEO Roy Jakobs.
In January, Philips released a list of 19 sleep and respiratory products that the company said it would stop selling in the United States, as early as that month. Among them: the EverFlo home oxygen system and the Trilogy EVO and EV300 home ventilators.
“We see the growth...
Philips CEO ‘encouraged’ by Q2 results
July 29, 2024HME News Staff
AMSTERDAM – Philips reported group sales of EUR 4.5 billion for the second quarter, with comparable growth of 2%.
The company reported a 9% increase in comparable order intake.
“I am encouraged by our return to order intake growth this quarter, primarily driven by North America,” said Roy Jakobs, CEO. “Within a challenging macro environment we achieved strong margin improvement, supported by our productivity program, solid operational cashflow due to improved...
In brief: AdaptHealth leadership, Philips vents, catheter billing
July 3, 2024HME News Staff
PLYMOUTH MEETING, Pa. – Josh Barnes will step down as president of AdaptHealth on Aug. 31 and from the board of directors on Dec. 31, the company has announced.
“Founding Adapt and helping it become the leading provider of HME is a source of immense pride,” said Parnes. “With Suzanne (Foster) as CEO, I am confident the company is in excellent hands and will continue to innovate, grow and deliver patient-focused best-in class care.”
AdaptHealth also...
In briefs: Philips layoffs, Home Oxygen Company buy, FAHCS rebrand
June 21, 2024HME News Staff
MURRYSVILLE, Pa. – Philips Respironics will cut 300 manufacturing jobs in Western Pennsylvania and relocate approximately 500 workers from its Pittsburgh headquarters to its two major plants in the nearby suburbs, according to local news reports.
Starting in the fourth quarter of 2024, the company will move workers to its centers in Murrysville and New Kensington, a move that is expected to take two years, according to the Pittsburgh Post-Gazette.
The company said it will...