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Siemens Healthineers Fiscal Q4 Diagnostics Revenues Rise 5 Percent

NEW YORK – Siemens Healthineers on Monday reported that its fiscal 2019 fourth quarter Diagnostics revenues rose 5 percent over Q4 2018.

For the three months ended September 30, the firm reported total Q4 revenues of €4.14 billion ($4.64 billion), up 12 percent from €3.70 billion in Q4 2018. On a comparable basis, its revenues increased 8 percent.

The Erlangen, Germany-based firm reported Q4 Diagnostics business revenues of €1.11 billion compared to €1.06 billion in Q4 2018. On a comparable basis, its diagnostics business revenues rose 2 percent year over year in fiscal Q4.

Siemens Healthineers CEO Bernd Montag said in a statement that with a strong year-end finish, the firm "clearly exceeded" its growth outlook in FY 2019. Its adjusted profit margin "was slightly below our expectations due to a weaker performance [in] Diagnostics," he said. "We are tackling the challenges [in] Diagnostics vigorously while we continue to expand the strong positions of Imaging and Advanced Therapies."

Siemens Healthineers said that in its Diagnostics business during Q4, it saw strong growth in Asia and Australia, primarily in China, partly offset by softness in the Americas. The firm said it shipped more than 1,820 Atellica Solution analyzers in FY 2019.

In other business segments, Siemens Healthineers' fiscal Q4 Imaging revenues were €2.60 billion, up 13 percent from €2.29 billion in the prior-year quarter, and its Advanced Therapies revenues were €481 million, up 18 percent year over year from €407 million.

Siemens Healthineers reported Q4 net income of €507 million, or €.50 per share, compared to €374 million, or €.37 per share, in Q4 2018. Increased Atellica Solution ramp-up costs and negative currency effects adversely impacted its fiscal Q4 adjusted profit margin in the Diagnostics business. Diagnostics business profit of €106 million in fiscal Q4 2019 was down 16 percent from €126 million in the prior-year quarter.

Siemens Healthineers' Q4 R&D expenses were €360 million, up 6 percent year over year from €341 million, and its SG&A expenses were €596 million, up 3 percent from €578 million in the prior-year quarter.

The firm reported FY 2019 revenues of €14.52 billion, up 8 percent compared to €13.43 billion in FY 2018. On a comparable basis, FY 2019 revenues increased 6 percent.

Siemens Healthineers reported FY 2019 Diagnostics business revenues of €4.13 billion, up 4 percent from €3.96 billion in FY 2018.

It reported FY 2019 net income of €1.59 billion, or €1.57 per share, compared to €1.28 billion, or €1.26 per share, in FY 2018.

The firm exited the fourth quarter with €920 million in cash and cash equivalents.

For FY 2020, the firm anticipates comparable year-over-year revenue growth to be in the range of 5 percent to 6 percent. Adjusted basic earnings per share are expected to be 6 percent to 12 percent above the level of FY 2019.