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Siemens Healthineers Q4 Diagnostics Revenues up 23 Percent on Strong Rapid Antigen Test Sales

NEW YORK – Siemens Healthineers said Thursday that its fiscal year 2021 fourth quarter diagnostics revenues rose 23 percent while its overall revenues rose 33 percent compared to the year-ago quarter.

For the three months ended Sept. 30, the Erlangen, Germany-based company reported total revenues of €5.16 billion ($5.96 billion) compared to €3.88 billion in Q4 2020.

Siemens Healthineers reported diagnostics revenues of €1.28 billion compared to €1.04 billion in the year-ago quarter. Diagnostics revenues for Q4, excluding revenues from COVID-19 rapid antigen tests, grew 7 percent year over year on a comparable basis, the firm said.

Rapid antigen tests contributed around €160 million in Q4 and around €1.1 billion to fiscal 2021 revenues.

Fiscal year 2021 "was an extraordinary year in a demanding environment," Siemens Healthineers CEO Bernd Montag said on a conference call to discuss the financial results. "Diagnostics showed excellent growth driven by antigen [test] sales as well as solid core [diagnostics] business growth."

In fiscal year 2022, the company expects less of an impact on its four business segments from the COVID-19 pandemic, Montag said, adding, however, that it expects "materially less" revenues from rapid antigen testing, which is expected to contribute around €200 million for the full year.

"It is important for us to be very transparent on the antigen business because as we said previously, we see this as a temporary opportunity only," the company's CFO Jochen Schmitz said on the conference call, adding that when it removes antigen test sales from its revenues, the company sees "very good growth momentum for fiscal year 2022 for all four segments."

For the full year in diagnostics, he said, Siemens Healthineers expects year-over-year revenue growth of between 2 and 4 percent when it excludes antigen test revenues.

In other business segments, Siemens Healthineers' Q4 imaging revenues rose 13 percent year over year to €2.76 billion from €2.45 billion, and its advanced therapies revenues rose 16 percent to €499 million from €432 million. Siemens Healthineers' Q4 revenues for Varian, which it acquired in April for $16.4 billion, were $709 million.

Siemens Healthineers reported Q4 net income of €466 million, or €.41 per share, compared to €432 million, or €.42 per share, in Q4 2020. Its Q4 adjusted earnings per share was €.53.

Siemens Healthineers' Q4 R&D expenses were €483 million, up 42 percent year over year from €340 million, and its SG&A expenses were €856 million, up 52 percent from €565 million in the prior-year quarter.

The firm said its fiscal 2021 revenues were €18.00 billion, up 24 percent year over year from €14.46 billion in FY2020.

Siemens Healthineers reported fiscal 2021 diagnostics revenues of €5.42 billion, up 38 percent year over year from €3.92 billion.

Diagnostics revenues for fiscal year 2021, excluding sales of COVID-19 rapid antigen tests, grew 15 percent year over year on a comparable basis, the firm said. Overall revenues for fiscal 2021, excluding revenues from COVID-19 rapid antigen tests, grew 12 percent year over year on a comparable basis.

Imaging revenues were 9.82 billion, up 8 percent year over year from €9.09 billion, and advanced therapies revenues were €1.72 billion, up 6 percent year over year from 1.63 billion. Its fiscal year 2021 revenues for Varian were €1.30 billion.

The company posted fiscal year 2021 net income of €1.75 billion, or €1.57 per share, compared to €1.42 billion, or €1.40 per share, in the prior-year quarter. Its fiscal year 2021 adjusted EPS was €2.03.

Siemens Healthineers' fiscal 2021 R&D expenses were €1.55 billion, up 16 percent year over year from €1.34 billion, while its SG&A expenses were €2.82 billion, up 24 percent year over year from €2.28 billion.

The firm ended the fourth quarter with €1.32 billion in cash and cash equivalents.

For fiscal year 2022, the firm anticipates year-over-year revenue growth of 0 percent to 2 percent, and fiscal 2022 adjusted EPS between €2.08 and €2.20. Excluding revenue from rapid COVID-19 antigen tests, Siemens Healthineers expects revenue growth in fiscal 2022 between 5 percent and 7 percent.

The outlook is based on several assumptions including the expectation that current and potential future measures to bring the COVID-19 pandemic under control will not negatively impact the demand for its products and services, the firm said.

The company also proposed a fiscal year 2021 dividend of €.85 per share.