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Recalls And Multiple Market Challenges Test Philips’ Resilience Into Q1

 
• By Ashley Yeo

Philips’ revenues contraction in the first quarter of 2022 was less than feared and its order book remains impressive, but challenges presented by the recall program and generic post-COVID factors for the year ahead remain substantial.

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The dip in Philips' first-quarter sales ̶ down 4% year-over-year to €3.9bn ($4.2bn) ̶ was not as sharp as the high-single digits drop projected in earlier guidance but reflects the tough set of business circumstances the company faces, according to CEO Frans van Houten 

Chief among these challenges is the ongoing recall associated with Respironics’ ventilators, announced in 2021. Extrapolating current trends in the number of potential registrations of users requiring a technology remediation, there could be an additional 300,000 registrations to be filed, the company said. It allocated a further €65m to the field action in the first quarter

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