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Siemens Healthineers Fiscal Q2 Revenues Down 5 Percent

NEW YORK (360Dx) – Siemens Healthineers reported today a 5 percent drop in its fiscal second quarter revenues amid sales declines in its imaging, diagnostics, and advanced therapies segments.

For the three-month period ended March 31, Siemens Healthineers — which spun out of Siemens earlier this year via a €4.2 billion ($5 billion) initial public offering on the Frankfurt Stock Exchange — said its revenues fell to €3.23 billion from €3.40 billion a year earlier. The company said that currency effects negatively impacted revenues by 9 percentage points.

Revenues from the firm's imaging business slid 3 percent to €1.95 billion from €2.00 billion, while diagnostic revenues dropped about 8 percent to €970 million from €1.05 billion. Revenues from its advanced therapies unit were down almost 7 percent to €352 million from €377 million.

Siemens Healthineers' fiscal Q2  income attributable to its shareholders came in at €304 million , or €.30 per share, compared to €300 million, or €.30 per share, a year ago.

Its R&D spending in the quarter fell a fraction of 1 percent to €309 million from €312 million, while SG&A costs declined 8 percent to €527 million from €573 million. The firm added that it spent €85 million in costs related to its IPO.

Siemens Healthineers ended the quarter with €196 million in cash and cash equivalents.

"With a strong performance the team of Siemens Healthineers has once again demonstrated the operational strength of our businesses, while preparing for our successful IPO," Siemens Healthineers CEO Bernd Montag said in a statement. "Based on the good quarterly figures, we confirm our outlook for the full year."

The Erlangen, Germany-based company said it expects comparable revenue growth to be in the range of 3 to 4 percent for the fiscal year ending September 30, with an adjusted profit margin of between 17 and 18 percent.

It also said that the commercial launch of its Atellica Solution laboratory diagnostics system is on track with more than 250 analyzers shipped at the end of fiscal Q2. Last month. Siemens Healthineers partnered with the Hermes Pardini Group of Minas Gerais, Brazil to develop a large, automated lab that will include more than 50 Atellica Solution systems.