Royal Philips NV raised its sales outlook for the year as supplies of medical device parts eased, according to news. The company is also restructuring its business, laying off thousands of workers and conducting costly device recalls.
Philips said July 24 that revenue growth for the year would be in the mid-single digits (about 5%) compared with previous low-single-digit growth expectations. The company reported second-quarter adjusted EBITDA profit of €453 million, beating Bloomberg analysts' average estimate of €389 million.
Philips CEO Roy Jakobs said in a statement that Philips is making good progress on track, including improving patient safety and quality. Addressing the recall of sleep apnea devices remains a top priority for the company, he said. The company has allocated 1 billion euros for a global recall of about 5.5 million devices and has advanced an additional provision of 575 million euros as part of a planned compensation settlement with patients in the United States.
Philips, whose shares have risen 55% so far this year, reported second-quarter revenue of €4.5 billion, up 9% from a year earlier, but orders were down 8% from a year earlier.
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