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Philips Raises Guidance for 2023 After Strong Q2 Sales

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Royal Philips, the Dutch health-technology company, has announced an upward revision of its guidance for 2023 following a rise in second-quarter group sales. While the company’s order book continued to grow compared to the previous year, comparable order intake experienced a decline after a particularly high intake in Q2 of 2022.

In the second quarter of this year, sales reached €4.47 billion ($4.97 billion), up from €4.18 billion during the same period last year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to €681 million, driven by increased sales, royalty income, and productivity measures. However, these gains were partly offset by cost inflation. Income from operations also experienced a significant increase, reaching €221 million compared to €11 million in the same period last year.

Looking ahead, Philips expects mid-single-digit comparable sales growth and an adjusted EBITDA margin at the upper end of the high-single-digit range for 2023. It is worth noting that these projections do not account for the ongoing discussions regarding a proposed consent decree beyond current assumptions, ongoing litigation, or the U.S. Department of Justice investigation related to the Respironics field action.

This increase in guidance reflects Philips’ continued commitment to innovation and growth in the health-technology sector. As the company moves forward, it strives to overcome any potential challenges and maintain its position as a leader in the industry.

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