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Siemens Healthineers Q1 profit slides on lower COVID test sales
Revenues for the fiscal first quarter came to 5.08 billion euros, down 4.5 percent on a comparable basis, which was also below consensus for 5.21 billion.
Berlin: Siemens Healthineers reported a 28 percent drop in quarterly operating profit due to lower sales of rapid COVID-19 antigen tests and delays at a supplier of its Varian business.
Pandemic lockdowns in China led to a drop in revenue at Healthineers' Diagnostics business by nearly a quarter as fewer COVID-19 tests were used there, the U.S.-German medical device maker said on Thursday.
Adjusted earnings before interest and tax (EBIT) for the three months through December fell to 647 million euros ($712.93 million), less than the 663 million expected by analysts, according to a consensus provided by the company.
Revenues for the fiscal first quarter came to 5.08 billion euros, down 4.5 percent on a comparable basis, which was also below consensus for 5.21 billion.
The company nonetheless stuck with its guidance for full-year revenue growth of -1 percent to +1 percent, or 6-8 percent growth excluding revenue from COVID-19 tests, and said it still saw adjusted basic earnings per share of 2 euros to 2.20 euros.
Read also: Siemens Healthineers to sell USD 140 million in medical equipment to Atrium Health
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751
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