The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Siemens Healthineers (ETR:SHL) shares are on the decline today upon the release of the company’s third-quarter financial results.

Shares of SHL were down 0.9% at $24.93 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1%.

The company said in a news release that it saw a decline in revenue totaling 5.7%, due to lower revenues from rapid COVID-19 antigen tests and a challenging environment that included COVID-19-related lockdowns in China. Excluding the COVID-19 antigen tests, the company’s revenues grew 0.9%.

Siemens Healthineers’ comparable revenues ticked up 8.2% at its Varian oncology company and 5.2% in advanced therapies, while imaging grew by 2.5%. Diagnostics dropped 23.9% as a result of the COVID-19 testing dip.

The company’s adjusted earnings per share dipped to approximately 44¢ (€0.43), representing a 24% decline from the same period last year. Despite the challenging environment, Siemens Healthineers maintains its expectation of revenue growth between 5.5% and 7.5%, with adjusted EPS falling between $2.28 and $2.38 (€2.25 and €2.35).

“Once again, our team delivered a strong quarter despite an environment that was more than challenging,” Siemens Healthineers CEO Bernd Montag said in the release. “Supply-chain headwinds and pandemic-related lockdowns pushed out some sales into the next quarters, and cost increases burdened profits. Despite these factors, we confirm our outlook.”

Filed Under: Business/Financial News, Diagnostics, Featured, Health Technology, Imaging, MassDevice Earnings Roundup, News Well, Oncology, Wall Street Beat Tagged With: Siemens Healthineers

Copyright © 2022 · WTWH Media LLC and its licensors. All rights reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.