Royal Philips recorded a 3% decline in its diagnosis and treatment business in the third quarter, representing an improvement from sharper decreases seen earlier in the pandemic, officials said Monday.
The Amsterdam-based giant pinned the downturn on the postponement of radiology system installations and elective procedures. Diagnostic imaging and image-guided therapy saw a low single-digit decline, while ultrasound’s decrease reached double digits.
Philips had seen a steeper slump during the second quarter 0f 2020, with sales dropping 9% in diagnosis and treatment. Meanwhile, the company recorded growth in its CT and diagnostic x-ray segments in the third quarter, along with “strong” demand for point-of-care imaging.
“It is clear that the COVID-19 pandemic is far from over, and our teams remain fully focused on delivering against our triple duty of care: meeting critical customer needs, safeguarding the health and safety of our employees, and ensuring business continuity,” CEO Frans van Houten said in a statement.
Philips also highlighted several recent developments in its radiology business. Those included a multi-year partnership with Tampa General Hospital to upgrade key imaging equipment, and another with practice SimonMed to deploy advanced 3T MRI technology.
You can read more about the company’s third quarter results here.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.