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New partnership set to accelerate digital healthcare transformation in Singapore, with a focus on co-designing and integrating Artificial Intelligence (AI) and predictive data management to improve patient care by 2028 Projects under this partnership aim to: o Streamline imaging data workflows by developing a standardized data architecture for better diagnostics and patient outcomes; ando Optimize ICU capacity and workflow efficiency by leveraging advanced monitoring and AI tools to help healthcare staff direct care to the right patient at the right time. SINGAPORE, Feb. 19, 2025 /PRNewswire/ -- Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and SingHealth, Singapore's largest public healthcare cluster, today announced a strategic partnership to enhance healthcare delivery through deploying innovative technologies and accelerating the digital transformation of the healthcare landscape in Singapore. Mr Lawrence Loke, Group Chief Information Officer, SingHealth (left) and Jasper Westerink, Acting Managing Director, Philips APAC (right) sign on strategic partnership between the two organizations to advance healthcare delivery in Singapore. This Memorandum of Understanding (MOU) inked between the two organizations signifies a significant step towards building a robust and standardized data architecture for SingHealth. By leveraging Philips state-of-the-art healthcare technologies, the partnership strives to enable seamless digital workflows and improve clinical decision-making. This allows care teams to enhance human interaction with patients, deepen connections and improve outcomes. This will advance SingHealth's goal to deliver care in a more patient-centric manner through a digital-first strategy. "We are privileged to partner with SingHealth on this venture to accelerate the digital transformation of healthcare delivery in Singapore," said Hung Choong Hwang, Country Manager, Philips Singapore. "By combining our technological expertise with SingHealth's clinical excellence, we aim to set new benchmarks in healthcare innovation, quality and resilience, in line with our vision of delivering better care for more people." Under the terms of the MOU, Philips and SingHealth will set up dedicated teams to drive three key projects over the course of three years, focused on integrating imaging data with AI, predictive data management to enable actionable insights and optimizing ICU capacities by boosting monitoring and patient assessment capabilities. As projects under the MOU progress, its potential scope may widen beyond these initial three projects to include other additional areas of collaboration where synergies and opportunities are identified by both parties. Enhancing healthcare delivery with a digital-first approach through three key projects 1. Getting the right information seamlessly to the right expert: Integrated imaging with AI embedded into workflows This project will automate and streamline Enterprise Digital Image workflows, including acquisition, storage, distribution, retrieval and archival processes. By centralizing and modernizing the architecture for Radiology, Pathology, and other images for clinical practice, the project aims to standardize clinical access and enhance electronic medical records connectivity. Starting with Radiology, the project will also explore innovations such as the use of embedded AI to automate and integrate workflows. 2. Supporting staff with clinical decision-making: Next-generation predictive enterprise data management Next-generation data analytics will be deployed to provide real-time, actionable insights to sharpen clinical decision-making. With fully-integrated live stream clinical data as a foundation, the goal is to implement advanced device interface models and introduce programmable AI and visualization layers to support clinical care and enterprise storage. This capability, implemented at scale across the cluster, will be a springboard enabling SingHealth to develop more pioneering innovations in this space globally. 3. Enhancing patient care with Smart ICU: Optimizing capacity based on patient acuity New clinical decision support tools and advanced monitoring equipment will be used to optimize ICU capacity and enhance efficiency and care quality. A unified monitoring system, aligned with clinical workflows such as alarm assessments, will be established. The infrastructure will be co-designed to achieve interoperability, ensure cloud and cybersecurity alignment, and support clinical workflow assessments. Additionally, AI-powered models and algorithms will be jointly developed to monitor developments in patients' conditions, optimize alarm management, and deliver clinical parameter dashboards and avatars. Partnerships key to future-proofing healthcare delivery with innovation One of the key challenges in the complexities of the healthcare system is the ability to access and integrate different data sources to form a cohesive patient story. Accurate and timely access to data at critical points in a patient's journey is key in the digital transformation of the healthcare system. According to the Singapore FHI 2024 report findings, more than one-third (37%) of healthcare leaders surveyed are looking to external partnerships to use data analytics for more informed decision-making. Please refer to Annex for more info on Singapore findings of the Philips Future Health Index (FHI) 2024 report. Philips has previously partnered SingHealth in the implementation of an iECG initiative to transform the delivery of cardiovascular care in Singapore. Philips also partnered Singapore General Hospital to advance its medical imaging capabilities. "We believe in harnessing the power of strategic partnerships to address the unique healthcare needs of the Asia Pacific. By conducting thorough reviews of current capacities, processes and workflows, and thoughtfully integrating advanced technologies in a way that best supports staff, we are dedicated to improving healthcare outcomes and efficiency across this diverse and dynamic region," said Jasper Westerink, Acting Managing Director, Philips APAC. "I'm excited about how our upcoming projects will positively impact patient care and digital healthcare innovation in the region, especially since SingHealth is Singapore's largest healthcare group and has a track record of setting standards of excellence in patient-centred clinical care, and since Singapore is a key medical hub." Mr Lawrence Loke, Group Chief Information Officer, SingHealth, said, "This collaboration between SingHealth and Philips is a big stride forward in accelerating healthcare innovation in Singapore. By combining our deep and broad range of clinical expertise with Philips' cutting-edge technology, we are prioritizing the needs of our patients in reimagining healthcare delivery. From 'Smart ICUs' to AI-driven diagnostics, our singular goal is to enhance patient outcomes and experiences. In our efforts to pilot transformative care models, we hope that our patients will receive personalized, timely and accessible care that is focused on achieving the best outcomes possible for them." As a key medical hub in the Asia Pacific, partnerships like these position Singapore well in leading the charge to pioneer and deploy next-generation healthcare technologies, driving efficiency, better care, and more accessible health services for more people across the region. [1] https://www.channelnewsasia.com/commentary/singapore-healthcare-hospital-telehealth-diabetes-remote-3802171 About Royal Philips Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips' patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 69,700 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter. Annex Addressing healthcare system challenges: Workforce, data and workflow optimization With Singapore's population set to become "super-aged" by 2026, and 21% of its population over the age of 65, the healthcare system faces mounting pressures.[1] According to the Singapore findings of the Philips Future Health Index (FHI) 2024 report, nearly two-thirds (65%) of healthcare leaders report that workforce shortages are leading to staff having less time with patients, higher patient-to-staff ratios and/or an increase in clinical errors. These challenges highlight the urgent need to augment clinical manpower and address growing patient workloads and demands on Singapore's health services. In addition to workforce shortages, healthcare leaders identified workflow prioritization as a key area for automation, which can help healthcare professionals better manage high patient volumes without compromising on care quality. For instance, automated initial screening of medical images can help prioritize cases and direct them to the right sub-specialty radiologist. Similarly, automated triaging systems can assist emergency department staff, improving efficiency and reducing strain on personnel. Philips FHI 2024 report also revealed that 84% of Singapore's healthcare leaders face data integration challenges, which hamper their ability to deliver timely, high-quality care. The inability to fully utilize data has wide-ranging effects, from financial and operational concerns to limiting coordination between clinicians and reducing their time spent with patients. Overcoming barriers to integrate data accessibly across clinical operations, human resources, and financials for reporting is therefore critical for continuous improvement, better decision-making and better patient empowerment.
Singapore General Hospital (SGH) enhances its radiographers' capabilities in MR clinical practice through Philips Clinical Application Training and an Magnetic Resonance Imaging (MRI) Training Centre that serves as a reference site. This collaboration extends SGH's MR expertise to other public and private hospitals in Singapore and beyond, to upskill healthcare staff and improve patient care in Asia Pacific. SINGAPORE, Dec. 9, 2024 /PRNewswire/ -- Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, announces its strategic collaboration with Singapore General Hospital (SGH) to set up a first-of-its-kind Magnetic Resonance Imaging (MRI) Training Centre in Singapore. Commencing on December 9, 2024, the collaboration enhances SGH's efforts to advance medical imaging education and capabilities through the opening of the training centre to public and private hospitals in Singapore and Asia Pacific (APAC). Philips and Singapore General Hospital announce strategic collaboration to set up first-of-its-kind MRI Training Centre in Singapore. With 71% of healthcare leaders in APAC concerned about staff shortages resulting in delays in care for patients [1], digital health technologies become increasingly vital in helping people get the care they need when they need it, by streamlining workflows and seamlessly connecting data end-to-end to bring the most clinically valuable and patient-centric insights to care teams. And training and education are key components in supporting digital upskilling and continuous learning as technology advances. "We have a long-standing relationship with Singapore General Hospital. We are excited to expand our partnership and play a part in elevating the diagnostic standards and capabilities in Singapore and Asia Pacific," says Dr. Mark Burby, Vice President of Health Systems, Philips APAC. "This collaboration aligns with Philips' vision of delivering better care for more people by raising the standards of care delivery. It is also part of our steady commitment to strategically work together with key health system stakeholders to improve the adoption and deepen the understanding of the latest imaging innovations in radiology." Deepening clinical education and enhancing staff expertise in Singapore and beyond As part of the collaboration, two SGH MRI radiographers will undergo Philips Clinical Application Training using a Train-the-Trainer approach. This is Philips' signature training program typically for its application specialists. The extensive training program will equip and empower SGH radiographers to then share the latest and in-depth expertise in MR clinical practice with others. "Our commitment to equipping colleagues with the latest technological advancements and knowledge is reinforced through our collaboration with Philips. It enables us to enhance our capabilities in managing increasingly complex patient conditions, which is crucial in today's healthcare landscape. Moreover, the partnership has the potential to yield positive outcomes not only for Singapore General Hospital but also for healthcare providers across the Asia-Pacific region," says Associate Professor Andrew Tan, Chairman, Division of Radiological Sciences, SGH. "This is a great testament to what can be accomplished when organizations with a shared vision and purpose come together." Dawn of a new APAC hub for clinical application excellence in MR practice An MRI Training Centre will also be set up in SGH as an educational hub for other radiographers from across the APAC region. The room is equipped for SGH to facilitate the upskilling of radiographers with the latest MRI clinical applications and host educational workshops, seminars and trainings across the public or private sectors. SGH will serve as a key reference site for Singapore and overseas healthcare institutions on best practices, workflows, techniques, real-world operations and clinical experiences around the Philips MR ecosystem and technology. This is a significant benefit, given that nearly two in five (37%) healthcare leaders in Singapore identified other healthcare organizations as a key collaborator in helping to improve healthcare for the patients and communities they serve, according to Philips Future Health Index 2024 Singapore report. "We welcome and value such collaborations between healthcare providers and technology innovators such as ourselves," says Dr. Mark Burby, Vice President of Health Systems, Philips APAC. "They are critical to ensure the region's health systems are maximizing the impact of available innovations to alleviate pain points, expanding patient and staff access to such technology and creating platforms for knowledge and best practice sharing within and across national borders." [1] Philips Future Health Index 2024 Report: APAC Healthcare leaders taking bold and thoughtful changes to deliver better care for more people. Philips. From: https://www.philips.com.sg/a-w/about/news/archive/standard/news/articles/2024/20240916-philips-future-health-index-2024-report-apac-healthcare-leaders-taking-bold-and-thoughtful-changes-to-deliver-better-care-for-more-people.html About Royal Philips Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips' patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 69,700 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter. About Singapore General Hospital Singapore General Hospital, established in 1821, is the largest tertiary hospital in Singapore and ranked among the world's best. It provides the most comprehensive patient-centred care with over 50 clinical specialties on its campus. As an Academic Medical Centre, it takes pride in training healthcare professionals and conducting cutting edge research to meet evolving needs of the nation as well as the region. Driven by a strong sense of purpose, SGH is committed to give of its best to heal and bring hope, as it has for over 200 years. For more information, please visit www.sgh.com.sg
SINGAPORE, Nov. 20, 2024 /PRNewswire/ -- Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and Edith Cowan University Australia (ECU) today announced a new strategic partnership that aims to enhance clinical ultrasound training for healthcare professionals to provide better care for more people. As healthcare challenges become more complex, 71% of healthcare leaders in APAC are concerned about staff shortages resulting in delays in care for patients[1]. Furthermore, as technology advances in healthcare, training and education for healthcare professionals are critical components in supporting digital upskilling and continuous learning. Both organizations intend to jointly drive a robust curriculum to equip healthcare professionals with skills for Ultrasound Point of Care through a range of innovative and practical courses and workshops. As healthcare systems in APAC move towards the increased application of these technologies to optimize care access and patient flow, the partnership aims to bridge the knowledge gap through training and teaching. Philips will contribute to better healthcare for more people by leveraging its latest health technologies and expertise to collaborate with academics and provide higher-quality education. Key collaborative objectives between ECU and Philips in this partnership are as follows: Develop a robust and comprehensive curriculum for ultrasound Courses will cover both theoretical knowledge and hands-on skills using Philips ultrasound devices in a series of short courses such as improving vascular access and fistula cannulation during dialysis and FAST exams for emergency physicians and obstetric ultrasound for midwives or general practitioners. Under Cardiovascular ultrasound short courses, sonographers will also be exposed to 3D advanced quantification and image quality optimization, while cardiologists can learn echocardiography in structural heart disease. Additional General Imaging short courses will be developed, covering advanced liver imaging, advanced pelvic, Musculoskeletal, and pediatric scanning. Promoting continuous professional development As part of the second phase of the collaboration, plans are to extend these courses to larger markets in APAC, Philips channel partners, and clinical applications teams beginning in Australia. Facilitation of expert-led training Experts from Philips will lead workshops and training sessions, with the possibility of access to the Medical Sonography Simulation Lab teaching and learning space at the Joondalup Campus by Philips for internal new staff and channel partner onboarding and training. The partnership will open opportunities for sharing resources and expertise and continuous engagement on course structure, faculty engagement, and student enrollment. "At Edith Cowan University, we are dedicated to providing innovative and practical courses to build the next generation of healthcare professionals that are confident in working in the complex landscape of healthcare today. The partnership with Philips reflects the high quality and relevant curriculum that evolves as technology does," said Moira Sim, Professor and Executive Dean of the School of Medical and Health Sciences at Edith Cowan University. "Philips is collaborating closely with healthcare institutions worldwide to meet the demand for more digital health technologies as healthcare challenges around workforce shortages call for more efficient workflows. The partnership with ECU is the right step towards this, equipping healthcare professionals with the confidence and skills to utilize new technologies to address specific pain points in the healthcare system. We are confident that this will ultimately help unleash the full possibilities of digital transformation," said Denilson Kuratomi, Head of Ultrasound, Philips APAC. (From left) Dr. Mark Burby, Vice President of Health Systems for Philips APAC, Professor Moira Sim, Edith Cowan University, Denilson Kuratomi, Head of Ultrasound, Philips APAC. *** About Edith Cowan University Australia Edith Cowan University (ECU), based in Western Australia, is the only University in Australia to be named after a woman, Edith Dircksey Cowan, the first woman to be elected to an Australian parliament. ECU has over 30,000 undergraduate and postgraduate students, including international students from over 70 countries, and a vibrant research community. There are three campuses in Western Australia at Joondalup, Mount Lawley and Bunbury. The University is constructing a new campus in the heart of the Perth CBD, due to open in 2026. ECU's purpose is to transform lives and enrich society. The University's vision is to lead the sector in educational experience, research with impact, and in positive contributions to industry and communities. About Royal Philips Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips' patient- and human-centric innovation leverages advanced technology, deep consumer clinical insights to provide personalized health solutions for consumers and professional health solutions for healthcare providers and their patients both in hospitals and at home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, enterprise monitoring and informatics, and personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 69,700 employees with sales and service in more than 100 countries. More about Philips can be found at www.philips.com/newscenter. [1] Philips Future Health Index 2024 Report: APAC Healthcare leaders taking bold and thoughtful changes to deliver better care for more people. Philips. From: https://www.philips.com.sg/a-w/about/news/archive/standard/news/articles/2024/20240916-philips-future-health-index-2024-report-apac-healthcare-leaders-taking-bold-and-thoughtful-changes-to-deliver-better-care-for-more-people.html
BEIJING, Nov. 8, 2024 /PRNewswire/ -- A report from People's Daily: The 7th China International Import Expo (CIIE), the world's first import-themed national-level expo, being held in Shanghai from Nov. 5 to 10, is seeing its "circle of friends" continuously expanding, playing a more and more important role in international procurement, investment promotion, cultural exchange, and open cooperation. International attendees to the event told People's Daily that CIIE's upgrades and expansion created valuable opportunities for deepening mutually beneficial cooperation and advancing common development, making economic globalization more inclusive and open. This year, the Business & Enterprise Exhibition will maintain its massive scale of over 360,000 square meters, hosting 3,496 exhibitors from 129 countries and regions, both numbers surpassing those in the previous year. Notably, 297 Fortune Global 500 and industry-leading companies are participating in the event, marking a new record. A total of 186 exhibitors and organizations are joining the expo for the seventh consecutive time. "The CIIE not only fosters further openness of the Chinese market but also creates broader opportunities for global cooperation across diverse fields," said Paul Hudson, CEO of French multinational pharmaceutical company Sanofi. "Our company has been deeply rooted in China for over 40 years, making China one of our primary markets. We greatly value the scale and pace of innovation in China and look forward to continuing our support for China's healthcare development to benefit more people," Hudson said. Japanese company Kao Corporation has participated in all seven sessions of the CIIE. It has launched multiple products in the Chinese market that debuted at the expo. "The CIIE has become a vital link for Kao in connecting with the Chinese market," said Takeyasu Masaru, chairman and president of Kao (China) Holding Co Ltd. "The expo showcases China's commitment to sharing its vast market opportunities with the world. We look forward to continuing to expand our 'circle of friends' through this open platform." "To move forward with China is to move forward with the future and opportunities," said Pontus Erntell, president and chief sustainability officer of Ikea China. The Chinese market, with its enormous size, vitality of innovation, and favorable business environment, provides strong support for the growth of numerous multinational companies, he added. CEO of Singapore's Nipsea Group Wee Siew Kim noted, "The number of exhibitors at this year's CIIE has reached a new high. As a first-time exhibitor, we are excited about the 'CIIE effect' and eager to collaborate for mutual success, sharing opportunities from both China and the world." The Innovation Incubation Special Section of this year's CIIE has made improvement in both its size and quality. For the first time, it will focus on the four main themes of digital economy, green and low-carbon solutions, life sciences, and manufacturing technology. A range of exhibits representing the forefront of new quality productive forces will make their global or China debut at this section. Philips is showcasing new products in areas such as ultrasound, image-guided therapy, and personal health care, with several items making their Asia or China premiere. CEO of Royal Philips Roy Jakobs said, "China is accelerating the development of new quality productive forces, with its innovation speed and capacity continuously advancing. The resilience of China's economy, potential of the Chinese market, and advantages in the industrial chain and talent pool make China highly attractive for international companies to invest and grow." "In the past six years, we have showcased over 260 innovative products and cutting-edge technologies at the CIIE, including several first launches of new products and solutions," said Gu Chunyuan, chairman of ABB (China) Limited. He added that China's active drive for industrial upgrading and energy transition has provided new growth opportunities for the company. This year's expo sees the participation of 37 least developed countries, with the organizers providing over 120 free exhibition booths. The African product zone at this year's CIIE is significantly expanded, and a sub-forum titled "Sustainable Development of Global South and China-Africa Cooperation" has been hosted. These efforts aim to open new doors of opportunity for least developed countries and other developing nations. "The CIIE offers a platform for the least developed countries to showcase their products, attract investment, and integrate into global value chains, helping boost their international visibility and expand trade," said director-general of the United Nations Industrial Development Organization (UNIDO) Gerd Muller. Since the 1st CIIE, UNIDO has consistently supported the event, which mirrors the two sides' strong partnership in areas such as South-South cooperation and trade facilitation. "As one of this year's guest countries of honor, Tanzania has brought a range of new products, including specialty agricultural goods and handcrafted items, to further unleash our development potential and showcase our cultural heritage," said Latifa M. Khamis, director general of Tanzania Trade Development Authority. "The CIIE offers developing countries greater access to global markets and shared growth opportunities. It is crucial for us to achieve sustainable development and advance poverty reduction," Khamis added.
August 5, 2024 Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that it will repurchase shares for an amount of up to EUR 125 million to cover certain of its obligations arising from its long-term incentive plans. At the current share price, this represents a total of approximately 4.8 million shares. The repurchases will be executed through a combination of forward transactions and open market purchases with a financial institution. Philips expects to take delivery of the forward share purchases in 2026. The open market purchases will be executed in Q3 2024 by an intermediary to allow for share purchases during both open and closed periods. All repurchases will be executed in accordance with the EU Market Abuse Regulation and within the limits of the authorization granted by the company’s General Meeting of Shareholders on May 7, 2024. Updates on the progress of the program and further details will be made available via this link and through press releases as appropriate. For further information, please contact: Ben ZwirsPhilips External RelationsTel.: +31 6 1521 3446E-mail: ben.zwirs@philips.com Dorin DanuPhilips Investor RelationsTel.: +31 20 59 77055E-mail: dorin.danu@philips.com About Royal PhilipsRoyal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring, and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 68,700 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter. Forward-looking statementsThis release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips’ organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.
July 29, 2024Second-quarter highlights Group sales amounted to EUR 4.5 billion, with comparable sales growth of 2% Comparable order intake increased by 9% Income from operations EUR 816 million, including EUR 538 million insurance income*) Adjusted EBITA margin increased to 11.1% of sales Operating cash inflow of EUR 89 million, with a free cash outflow of EUR 64 million Roy Jakobs, CEO of Royal Philips:“I am encouraged by our return to order intake growth this quarter, primarily driven by North America. Within a challenging macro environment we achieved strong margin improvement, supported by our productivity program, solid operational cashflow due to improved working capital management and comparable sales growth in line with our plan. Performance improvement was driven by progress on our execution priorities and industry-leading innovations. These included FDA-cleared AI tools within our next-generation cardiovascular ultrasound platform to increase automation and productivity. We continue to focus on enhancing execution, improving end-to-end supply chain resilience and increasing agility and productivity through simplifying our operating model. Patient safety and quality remains our number one priority.” Group and segment performanceGroup comparable sales increased 2%, on the back of strong growth in Q2 2023. Growth in mature and growth geographies was partly offset by the decline in China. Comparable order intake grew 9% in the quarter and 3% in the first half of 2024, reflecting quarterly unevenness in the order-intake pattern. China remains a fundamentally attractive growth market with strong underlying demand while the government’s anti-corruption measures continued to impact short-term hospital order lead times. Adjusted EBITA margin for the group increased to 11.1% compared with 10.1% in Q2 2023, with improvement across all businesses. Free cash outflow was EUR 64 million and included payments of EUR 415 million in connection with the Respironics economic loss settlement in the US, partly offset by initial receipt from insurers of EUR 150 million. In the quarter S&P Global Ratings and Moody’s Ratings upgraded their credit ratings outlook for Philips to stable. Philips now has stable outlooks for its strong credit ratings across all main global credit rating agencies. The relevant reports and additional credit ratings information can be found here. Diagnosis & Treatment comparable sales increased 4%, on the back of double-digit growth in Q2 2023, with growth across Image Guided Therapy and Precision Diagnosis. Adjusted EBITA margin improved to 12.2%, mainly driven by improved sales, pricing and productivity measures. Connected Care comparable sales increased 2%, driven by strong growth in Enterprise Informatics, while Monitoring comparable sales growth was flat on the back of strong double-digit growth in Q2 2023. Adjusted EBITA margin improved to 8.8%, mainly driven by productivity measures and pricing. Personal Health comparable sales increased 2% globally, driven by sales growth outside of China. Adjusted EBITA margin improved to 16.9%, mainly driven by operational improvements and productivity measures.Productivity Total productivity savings of EUR 195 million in the quarter: operating model savings of EUR 57 million, procurement savings of EUR 71 million, and other programs' savings of EUR 67 million. OutlookPhilips reiterates its confidence in delivering the 2025 plan, acknowledging that uncertainties remain. For the full year 2024, Philips continues to expect 3-5% comparable sales growth, an Adjusted EBITA margin of 11-11.5%, and free cash flow of EUR 0.9-1.1 billion. The outlook excludes the potential impact of the ongoing Philips Respironics-related legal proceedings, including the investigation by the US Department of Justice. Customer, innovation and ESG highlights Philips signed multi-year partnerships for monitoring and image-guided therapy with several university hospitals in the Netherlands and will provide patient monitors for the new Grand Hôpital de Charleroi in Belgium, as well as roll out its ePatch and AI-driven analytics platform across 14 hospitals in Spain. Philips secured customer wins in the US including a major multi-year strategic partnership with Bon Secours Mercy Health, one of the country’s largest health systems, standardizing innovative patient monitoring solutions across its 49 hospitals, driving better patient outcomes and reducing burdens on staff. Reinforcing its #1 global position in cardiovascular ultrasound, Philips is launching its next-generation AI-enabled cardiovascular ultrasound platform with new FDA-cleared AI tools integrated into the company’s EPIQ CVx and Affiniti CVx ultrasound system to advance cardiovascular imaging and increase automation and productivity. Demonstrating its innovation leadership in minimally invasive treatments, Philips announced the first implant of the Duo Venous Stent System following pre-market approval from the US FDA. The system’s flexible design allows clinicians to better treat patients with deep venous disease. Philips unveiled a series of consumer health innovations in the Greater China market, meeting key consumer needs across the region. This includes the launch of the first medical-grade Philips Lumea 8000 Series IPL hair removal device with cooling technology, the limited-edition Transformers-themed 5000, 7000 and 9000 series shavers, and the new Sonicare 5300 power toothbrush. S&P recognized Philips as a leader in ESG as one of the first ‘Light green’ scores in their newly launched Climate Transition Assessment. Philips was also included in the ‘FTSE4Good’ ESG index, and NGO Health Care Without Harm confirmed that Philips meets its Climate Excellence Standard for Health Care Suppliers. Philips won 43 Red Dot design awards, including special recognition for LumiGuide, the company’s 3D medical device guidance solution that’s paving the way for radiation-free minimally invasive surgery. Capital allocationIn the second quarter, Philips completed the EUR 1.5 billion share repurchase program for capital reduction purposes that was announced on July 26, 2021, and canceled the 4,437,164 shares acquired this year. Philips also distributed a dividend of EUR 0.85 per common share in the form of shares only, resulting in the issuance of 30,860,582 new common shares. Following the distribution of dividend and the cancellation of shares, the total number of issued shares amounts to 939,939,384 common shares. More information is available via this link.*) Related to Respironics product liability claim. Click here to view the release online For further information, please contact:Elco van GroningenPhilips External RelationsTel.: +31 6 8103 9584E-mail: elco.van.groningen@philips.comBen ZwirsPhilips External RelationsTel.: +31 6 1521 3446E-mail: ben.zwirs@philips.comDorin DanuPhilips Investor RelationsTel.: +31 20 59 77055E-mail: dorin.danu@philips.comAbout Royal PhilipsRoyal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2023 sales of EUR 18.2 billion and employs approximately 68,700 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter. Forward-looking statements and other important informationForward-looking statementsThis document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about strategy, estimates of sales growth, future Adjusted EBITA*), future restructuring and acquisition related charges and other costs, future developments in Philips’ organic business and the completion of acquisitions and divestments. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.These factors include but are not limited to: Philips’ ability to gain leadership in health informatics in response to developments in the health technology industry; Philips’ ability to keep pace with the changing health technology environment; macroeconomic and geopolitical changes; integration of acquisitions and their delivery on business plans and value creation expectations; securing and maintaining Philips’ intellectual property rights, and unauthorized use of third-party intellectual property rights; Philips’ ability to meet expectations with respect to ESG-related matters; failure of products and services to meet quality or security standards, adversely affecting patient safety and customer operations; breaches of cybersecurity; challenges in simplifying our organization and our ways of working; the resilience of our supply chain; attracting and retaining personnel; challenges in driving operational excellence and speed in bringing innovations to market; compliance with regulations and standards including quality, product safety and (cyber) security; compliance with business conduct rules and regulations including privacy and upcoming ESG disclosure and due diligence requirements; treasury and financing risks; tax risks; reliability of internal controls, financial reporting and management process; and global inflation. As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also the Risk management chapter included in the Annual Report 2023. Reference is also made to section Risk management in the Philips semi-annual report 2024.Third-party market share dataStatements regarding market share contained in this document, including those regarding Philips’ competitive position, are based on outside sources such as specialized research institutes, as well as industry and dealer panels, in combination with management estimates. Where information is not yet available to Philips, market share statements may also be based on estimates and projections prepared by management and/or based on outside sources of information. Management’s estimates of rankings are based on order intake or sales, depending on the business.Market Abuse RegulationThis press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.Use of non-IFRS informationIn presenting and discussing the Philips Group’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRS measures can be found in the Annual Report 2023.PresentationAll amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2023. Prior-period amounts have been reclassified to conform to the current-period presentation; this includes immaterial organizational changes.Effective Q1 2024, Philips has revised the order intake policy to reflect the full contract value for software contracts that start generating revenue within an 18-month horizon, instead of only the next 18-months-to-revenue horizon. This change has been implemented to better align with the specific business model of our software businesses, simplify the order intake process, and better align with peers. Prior-period comparable order intake percentages have been restated accordingly. This revision has not resulted in any material changes to the order intake percentages for the periods presented.Per share calculations have been adjusted retrospectively for all periods presented to reflect the issuance of shares in the second quarter of 2024 in connection with the 2023 share dividend.*) Non-IFRS financial measure. Refer to Reconciliation of non-IFRS information.
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