Q1 profits of Siemens Healthineers fall 12 pct

Source: Xinhua | 2020-02-04

Profits after tax of medical technology company Siemens Healthineers decreased by 12 percent to 304 million euros (336 million U.S. dollars) in the first quarter (Q1) of the fiscal year 2020, the German company announced on Monday.

At the same time, revenues went up by 8.7 percent to nearly 3.6 billion euros from October to December, according to Siemens Healthineers which bundles Siemens medical products and was split off in 2018.

"Profitability was dampened by temporary effects," said Siemens Healthineers CEO Bernd Montag.

The medical imaging business achieved sales of 2.2 billion euros and grew around 7 percent compared to last year. X-ray systems, molecular imaging and magnetic resonance business units "contributed in particular to this growth."

For the fiscal year 2020, Siemens Healthineers expects an increase in revenues of 5 percent to 6 percent and an increase in adjusted basic earnings per share of 6 percent to 12 percent.

"Against the background of our very strong order situation, we are confident about the further development of the financial year," said Montag.