philips
Dutch consumer electronics giant Philips Electronics NV reported on Monday significant first-quarter losses after facing litigation concerning its Respironics subsidiary and higher tax expenses. For the full year 2024, Philips continues to expect 3%-5% comparable sales growth and an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin of 11%-11.5%. The company reiterated its confidence in delivering its 2025 plan, acknowledging that uncertainties remain. Philips said it had reached an agreement with plaintiffs following mediation with Judge Diane Welsh to set...
DPA Breaking News
The Hague (AFP) - Under-fire Dutch medical device maker Philips said Monday it would halt new sales of sleep machines in the United States after a series of recalls that continued to weigh on results. The firm trimmed its losses for 2023 compared with the previous year, as it seeks to bounce back from what it had described as a "very difficult" 2022. Philips posted losses of 463 million euros ($501 million) over the full year, compared with 1.6 billion euros in 2022, with chief executive Roy Jakobs hailing "strong results." "While there is more work to be done, the progress we achieved in a vo...
AFP
The Hague (AFP) - Philips said Thursday it had clinched a deal in the United States to settle claims related to a recall of sleep respirators that rocked the Dutch medical tech firm. The medical device maker in 2021 announced a major recall of its DreamStation machines for sleep apnoea, a disorder in which breathing stops and starts during sleep. Users were said to be at risk of inhaling or swallowing pieces of toxic soundproofing foam that could cause irritation or headaches. Philips said the deal announced Thursday would provide for "predefined cash awards" to US customers depending on which...
AFP
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