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Siemens Healthineers Fiscal Q3 Diagnostics Revenues Climb 3 Percent

NEW YORK – Siemens Healthineers today reported that its fiscal 2019 third quarter revenues rose 8 percent over Q3 2018.

For the three months ended June 30, the firm reported total Q3 revenues of €3.57 billion ($3.98 billion) compared to €3.3 billion in Q3 2018. On a comparable basis, its revenues increased 6 percent.

The Erlangen, Germany-based company reported Diagnostics revenues of €1.04 billion, up 3 percent from €1.01 billion in Q3 2018.

The firm's CEO, Bernd Montag, said in a statement that, overall, it continued to drive growth in the third quarter but faced challenges in the Diagnostics business. He said that the company is "tackling these issues resolutely" and focusing on improving growth and earnings strength with its Atellica Solution IVD platform. The company said it has shipped more than 1,230 Atellica Solution analyzers year to date.

In its diagnostics business, Siemens Healthineers' revenues were up 1 percent on a comparable basis year over year, and it saw "very strong growth" in Asia and Australia and "solid growth" in Europe, the Middle East, and Africa, mostly offset by underperformance in the Americas. The firm said that its adjusted profit margin within Diagnostics in Q3 was impacted by increased Atellica Solution ramp-up costs and negative currency effects.

In other business segments, the firm's Imaging revenues were €2.19 billion, up 11 percent from €1.98 billion in the prior-year quarter, and its Advanced Therapies revenues were €378 million, up 7 percent year over year from €353 million.

Siemens Healthineers' net income for the quarter was €353 million, or €.35 per share, compared to €293 million, or €.29 per share, in Q3 2018. Overall profitability was held back by low profitability in Diagnostics, the firm said.

Its R&D expenses were €333 million, up 2 percent year over year from €327 million, and its SG&A expenses were €547 million, up 7 percent from €510 million in the prior-year quarter.

Siemens Healthineers exited the quarter with €828 million in cash and cash equivalents.

The firm confirmed its guidance for FY 2019 and continues to expect comparable year-over-year revenue growth to be in the range of 4 percent to 5 percent. It continues to anticipate earnings per share to be 20 percent to 30 percent above the level of FY 2018.