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Siemens Healthineers posts 7% YOY drop in fiscal Q3 income


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Siemens Healthineers posts 7% YOY drop in fiscal Q3 income

Siemens Healthineers AG's adjusted net income for its fiscal third quarter ended June 30 fell 7% year over year to €334 million, amid currency headwinds.

The German maker of imaging and diagnostic devices was taken public by industrial conglomerate Siemens Aktiengesellschaft in a 4.2 billion IPO in March.

The adjusted net income for the April-June period includes lower financing interests due to implementation of a post-IPO capital structure, and is partly offset by higher income taxes, the company said in its earnings release.

Meanwhile, the medical device maker's net income attributable to shareholders fell to 285 million, or 29 euro cents per share, from €320 million, or 32 cents per share, a year earlier.

Revenue for the fiscal third quarter edged lower to €3.30 billion from €3.31 billion in the year-ago period, on an actual basis, mainly due to exchange rate fluctuations.

However, on a comparable basis, revenue increased 5% year over year on the back of higher sales from the imaging business which sells x-ray and and MRI machines. The comparable basis excludes exchange rate and portfolio effects, the company said.

For the fiscal year ending Sept. 30, Siemens Healthineers re-affirmed its previous forecast of an year-over-year comparable revenue growth of 3% to 4%.

"Despite increasingly negative currency effects and investments in the future of the laboratory diagnostics business, we confirm our guidance for the current fiscal year," CEO Bernd Montag said in the release.