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Koninklijke Philips N.V. reports health technology developments across Diagnosis & Treatment, Connected Care and Personal Health. News from Royal Philips commonly covers order intake and comparable sales trends; product launches and regulatory clearances for imaging, image-guided therapy and AI software; and governance actions from its Annual General Meeting. Recent product themes include CT platforms such as Rembra and Spectral CT Verida, interventional guidance tools such as DeviceGuide and IntraSight Plus, and the Bridge Plus Occlusion Balloon for lead extraction procedures.
The company’s updates also address hospital monitoring, informatics, ultrasound, oral health and personal-care lines. Coverage reflects Philips’ role as a Netherlands-based global health technology company with securities traded on NYSE under PHG and on Euronext Amsterdam under PHIA.
Royal Philips (NYSE: PHG) launched two new HealthSuite solutions at HIMSS21, aimed at enhancing patient care through cloud-based technology. The Patient Flow Capacity Suite improves patient logistics and transitions across the care continuum by utilizing analytics for informed decision-making. The Acute Care Telehealth solution promotes flexible telehealth services, adapting to health systems' needs. These solutions support digital transformation, offering secure, connected care while reducing costs and resource strain.
Royal Philips (NYSE: PHG) is set to showcase its latest HealthSuite solutions during the HIMSS21 Global Health Conference from August 9-13, 2021, in Las Vegas. The new solutions focus on enabling digital transformation in healthcare, emphasizing collaborative care, precision medicine, and virtual care. A recent Future Health Index report reveals that 84% of healthcare leaders plan to invest in predictive technologies like AI within the next three years. Philips aims to support health systems in enhancing care quality and efficiency while addressing the quadruple aim of health outcomes, patient experience, and cost reduction.
On August 3, 2021, Philips announced a collaboration with NYU Langone Health to utilize the Philips Genomics Workspace for enhancing cancer treatment. This integration enables the industry's largest cancer sequencing test, the NYU Langone Genome PACT, which was recently FDA-cleared. The test analyzes 607 genes associated with various cancers, improving patient treatment decisions by utilizing next-generation sequencing (NGS) technology. Philips aims to facilitate seamless data sharing within the healthcare ecosystem.
In Q2 2021, Philips reported EUR 4.2 billion in sales, a 9% growth, despite a 15% decline in comparable order intake. The company’s income from continuing operations dropped to EUR 65 million due to a EUR 250 million provision for quality issues. Adjusted EBITA rose to EUR 532 million, up from EUR 390 million the previous year, achieving a margin of 12.6%. Philips announced a EUR 1.5 billion share buyback program to enhance shareholder value, though concerns about component shortages and COVID-19 impacts remain.
On July 21, 2021, Royal Philips announced that the FDA granted Breakthrough Device Designation for its laser-assisted inferior vena cava (IVC) filter removal device. This device aims to address the high failure rate of current IVC filter removal methods, beneficial for over one million U.S. patients. Independent studies indicate that laser-assisted retrieval has a success rate of 96-99% with minimal adverse events. The FDA's designation ensures Philips receives priority review, enhancing access to innovative medical technology aimed at improving patient care.
Royal Philips (NYSE: PHG) and Cognizant (Nasdaq: CTSH) have announced a strategic collaboration to enhance healthcare solutions through digital health platforms. The partnership combines Philips HealthSuite, a cloud-based system, with Cognizant’s engineering expertise to improve patient care and accelerate clinical trials. Over 100 medical devices are integrated into HealthSuite, which securely stores data while providing advanced analytics and AI capabilities. This alliance aims to address fragmented technology in healthcare, ensuring better connectivity between patients and providers.
Royal Philips (NYSE: PHG) and Cognizant (Nasdaq: CTSH) announced a collaboration on July 8, 2021, to develop comprehensive digital health solutions. This alliance combines Philips HealthSuite, a cloud-based platform, with Cognizant's digital engineering expertise to enhance patient care and accelerate clinical trials. The partnership aims to improve healthcare delivery through advanced data analytics and connectivity, facilitating remote patient monitoring and enhancing clinical trial efficiency. The initiative supports life sciences companies in making data-driven decisions faster.
Royal Philips (NYSE: PHG) announced a strategic partnership with NICO.LAB to enhance stroke care. The collaboration integrates advanced solutions, including the Philips Image Guided Therapy System – Azurion – and NICO.LAB's AI-driven StrokeViewer, optimizing decision-making and reducing time to treatment. Stroke remains a leading cause of disability globally, and this partnership aims to expedite patient care through improved information sharing and innovative technologies. The WE-TRUST study has also begun to evaluate the impact of a Direct to Angio Suite workflow on stroke patient treatment.
Royal Philips (NYSE: PHG) has initiated the WE-TRUST trial, a pivotal multicenter study enrolling 564 patients at 15 sites to assess the Direct to Angio Suite workflow for stroke treatment. This trial aims to compare outcomes for patients diagnosed and treated in the angio suite against conventional methods. The study will leverage advanced brain scanning technology to optimize treatment efficiency, potentially shortening the treatment window for stroke patients. The ongoing trial is expected to conclude by 2023 and is critical for enhancing stroke care pathways.
Connect America LLC has acquired the Aging and Caregiving (ACG) business from Royal Philips (NYSE: PHG). While the deal's terms remain undisclosed, Philips retains an equity stake. This acquisition merges two leading healthcare providers, combining over 1,500 employees, 3,000 provider partners, and almost 900,000 subscribers, positively impacting an estimated 10 million lives. The integration is expected to enhance patient health management, reduce hospital admissions, and improve care quality.