NEW YORK – Siemens Healthineers said Wednesday that its fiscal third quarter revenues rose just over 4 percent year over year, driven by diagnostics revenues and Varian Medical Systems revenues.
"We made good progress again in the third quarter, despite ongoing order delays in China," CEO Bernd Montag said in a statement.
Siemens said that it saw strong comparable revenue growth in the Americas and the Europe, Middle East, and Africa region, and moderate revenue growth in Asia-Pacific/Japan. In China, revenue declined by a low double-digit percentage against a very good prior-year quarter due to temporarily delayed customer orders, the company noted.
For the three months ended June 30, Erlanger, Germany-based Siemens reported total revenues of €5.42 billion ($5.89 billion), up from €5.20 billion a year ago. Excluding rapid COVID-19 antigen tests, revenues grew 10 percent year over year.
Diagnostics revenues were €1.11 billion, up 2 percent from €1.09 billion a year ago.
Siemens' imaging revenues were €2.98 billion, up 4 percent from €2.86 billion a year ago, driven by molecular imaging.
The firm's Varian Medical Systems division brought in €927 million, up 10 percent from €840 million in the year-ago quarter, while its advanced therapies revenues were €480 million, flat compared to the year-ago quarter.
Net income for the quarter was €472 million, or €.42 per share, compared to €451 million, or €.40 per share, a year ago. Adjusted EPS was €.52.
Siemens Healthineers' R&D expenses were €484 million, up 2 percent year over year from €474 million, and its SG&A expenses were €918 million, up 4 percent year over year from €881 million.
Severance charges were €27 million, and other restructuring expenses were €17 million.
The firm ended the quarter with €2.06 billion in cash and cash equivalents.
The firm confirmed its guidance of comparable revenue growth between 4.5 percent and 6.5 percent year over year — or between 5 percent and 7 percent excluding rapid COVID-19 antigen tests — and adjusted EPS between €2.10 and €2.30.
In Wednesday trading on the Frankfurt Stock Exchange, shares of Siemens Healthineers were down 7 percent at €49.07.