Emmanuel Thomas, DPA, Wednesday, May 10, 2023
BERLIN – German medical devices company Siemens Healthineers on Wednesday reported a decline in earnings for the second-quarter, amidst a fall in revenues, mainly due to lower revenue from rapid Covid-19 antigen tests.
The company has reaffirmed its annual guidance. For the three-month period, the company posted a net income of €108 million ($118 million) or 0€.09 per share, compared with €583 million or €0.51 per share, reported for the same period last year.
Earnings were also impacted by expenses related to the focusing of the endovascular robotics solution exclusively on neurovascular interventions and the associated withdrawal from the robotic-assisted endovascular cardiology business in the Advanced Therapies segment.
Adjusted basic income per share fell to €0.43 per share from the previous year’s €0.67 per share.
Basic income per share stood at €0.09 per share, compared with €0.52 per share of 2022. Pre-tax income was at €142 million compared to €754 million a year ago. Earnings before interest and taxes or EBIT stood at €189 million, versus €761 million in 2022.
Adjusted EBIT moved down to €681 million compared to €980 million of 2022. On comparable basis, revenue fell by 2.5%, to €5.346 billion, from €5.460 billion a year ago.
However, excluding the rapid antigen tests, revenue rose 11.2% on a comparable basis – with very good growth in the Varian, Imaging and Advanced Therapies segments.
Looking ahead, for full year 2023, Siemens Healthineers still projects adjusted basic income per share of €2 to €2.20. For the 12-month period, the company continues to expect comparable revenue growth of -1% to 1%.
Excluding revenue from rapid Covid-19 antigen tests, this corresponds to comparable revenue growth of between 6% and 8%.
