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Siemens Healthineers Q1 Diagnostics Revenues Rise 17 Percent on Pandemic-Related Demand

NEW YORK ─ Siemens Healthineers on Tuesday reported an 8 percent year over year increase in its fiscal 2021 first quarter revenue.

In a preview of its financial results prior to the full earnings release, the firm said it posted revenue of €3.87 billion ($4.71 billion) for the recently completed quarter compared to revenue of €3.59 billion in Q1 2020. On a comparable basis, revenue was up 13 percent year over year.  

The Erlanger, Germany-based company's Diagnostics segment revenue was €1.18 billion, an increase of 17 percent compared to €1.01 billion in Q1 2020. Its Diagnostics revenue rose 24 percent year over year on a comparable basis, the firm said.

Siemens Healthineers added that it saw a significant contribution from pandemic-related products, with its point-of-care rapid antigen test generating €130 million in revenue and its core diagnostics business returning to growth.

Its Imaging segment posted revenue of €2.32 billion, up 5 percent year over year from €2.2 billion and up 9 percent on a comparable basis.

Further, its Advanced Therapies segment posted €412 million in revenue, up 2 percent year over from €404 million and up 6 percent on a comparable basis.

"Based on our broad portfolio and strong global presence we were able to meet pandemic-related demands," the company said in a statement. "At the same time, our assumption for a further normalization of demand for standard procedures to pre-pandemic levels has been reaffirmed."

The company raised its revenue growth outlook for fiscal-year 2021 to between 8 percent and 12 percent on a comparable basis, up from between 5 percent and 8 percent that it had announced previously.

Siemens Healthineers also increased its guidance for the adjusted earnings per share range to between €1.63 and €1.82 per share, up from between €1.58 and €1.72 per share previously.

Variable compensation expenses and foreign exchange rates are expected to reduce the contribution of anticipated additional revenues to its earnings per share, Siemens said.

The firm added that it raised its outlook based on ongoing pandemic-related demand and higher confidence in the normalization of its underlying business.

It now expects rapid antigen test revenue in full-year 2021 to be between €300 million and €350 million, compared to its previous expectation of about €100 million.

The company added that given the dynamic of the COVID-19 pandemic, it expects that product demand during Q1 related to the coronavirus will slow down through the remainder of fiscal year 2021 and beyond.