Philips updates market on Healthcare business in meeting with financial analysts
Amsterdam, the Netherlands – Today, at a meeting with investors and financial analysts, Royal Philips Electronics (NYSE: PHG, AEX: PHI) will update the market on its Healthcare sector. Philips Healthcare executives will outline the progress made in the sector’s main businesses including the expanded Home Healthcare activity, and how well Philips Healthcare is positioned to achieve its Vision 2010 targets.
“Philips Healthcare has taken significant steps to build a solid foundation for accelerating profitable growth in the years to come,” said Steve Rusckowski, Chief Executive Officer of Philips Healthcare. “The healthcare industry is one where rising overall costs stimulate the necessity to search for ways to deliver healthcare in a more economical way. One of these ways is our focus on Home Healthcare where the acquisition of Respironics clearly displays our relentless efforts to leverage Philips Healthcare’s core strengths by expanding into high-margin and high-growth segments.”
Underscoring Philips’ innovative strength, Philips Healthcare will showcase its latest ultrasound product, the portable ultrasound CX50 CompactXtreme during the analyst day. The system, which has the size of an average laptop computer, boasts superior quality image. This enables caregivers to diagnose challenging patients at their bedside instead of in the ultrasound laboratory, radically simplifying and improving the process for both the patient as well as the caregiver.
Mr. Rusckowksi will demonstrate in his presentation how Philips expects to continue to outperform the overall Healthcare market, anticipating Philips Healthcare to accelerate current sales growth to 6% to 8%, on an annual comparable basis, in the 2009-2010 timeframe. He will also elaborate on Philips Healthcare’s acquisition history allowing it to be the large medical technology business it is today. Finally, Mr. Rusckowski will confirm the recently communicated EBITA margin target of 15% to 17% targeted for 2010, underpinning Philips’ Vision 2010 group guidance.
During the analyst day, the Customer Services, Patient Monitoring and Clinical Care businesses will be highlighted as important drivers of growth and profit margin expansion for Philips Healthcare. In addition, Philips Healthcare will elaborate on its efforts to strengthen its emerging markets business through the targeted acquisitions of Dixtal Biomédica e Tecnologia and VMI-Sistemas Medicos in Brazil and Shenzhen Goldway Industrial, Inc. in China.
This release may 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. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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