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Philips expects summer recovery from supply chain woes

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Philips expects summer recovery from supply chain woes

Philips expects summer recovery from supply chain woes

Dutch health technology company Philips said that it expects sales to recover strongly in the second half of the year. In the coming months, a steep decline due to global shortage of parts is likely to persist. Earlier this month they had warned that supply chain woes would hit their profit. A ventilator recall needed to be expanded.

Chief Executive Officer Frans van Houten said that they expect to start the year with a comparable sales decline. This is followed by a recovery in the second half of the year. This should lead to between 3% and 5% growth in comparable sales in 2022. There is a 40 to 90 basis points improvement in the adjusted earnings before interest, tax and amortisation (EBITA) margin. Overall growth will be held back by the sleep & respiratory care unit. Amid concerns that a type of foam used in the devices could degrade and become toxic. He also added that the growth, excluding this unit, is expected to reach 5% to 6%.

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Philips has set aside 725 million euros for repairing and replacing some 5 million devices worldwide. Fears of a large claims bill already lopped around 15 billion euros off Philips’ market value, and that too in the past nine months. The Amsterdam-based company said its comparable sales fell 10% in the fourth quarter of 2021. Adjusted EBITA dropped 35% to 647 million euros, in line with provisional numbers released on Jan. 12.

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