Siemens Healthineers: 3Q Profit Decreased, But Outlook Confirmed

BERLIN (Reuters) – German medical device maker Siemens Healthineers reported a decline in third-quarter profit on Wednesday due to revenue from COVID-19 rapid antigen tests and the impact of China’s pandemic-related restrictions on production.

Net income fell 8% year on year to 364 million euros, the company said in a statement. Analysts on average had expected an increase to 415 million euros, according to the consensus published on the Healthineers website.

Adjusted earnings before interest and taxes (Ebit) fell 19% to 765 million euros on revenue of 5.19 billion euros from 5 billion euros a year earlier.

The company maintained its guidance for fiscal 2022 as supply chain issues and lockdowns related to COVID-19 pushed back some sales to subsequent quarters.

“The supply chain meeting and lockdowns associated with the pandemic pushed back some sales in subsequent quarters, and rising costs impacted earnings,” said CEO Bernd Montag.

Siemens Healthineers said it expects comparable revenue growth of 5.5% to 7.5% and adjusted basic earnings per share of €2.25 to €2.35.

(Written by Rachel More; French version by Dean Kartit, Editing by Kate Entringer)

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