Philips has released its results for the Q2 2020. Despite the hard-hitting economic impact of the coronavirus, the medtech giant still managed to bring in 4.4 billion in revenue. That, however, represents a 6 percent drop from the 4.7 billion euros it raked in during the same quarter last year. Nonetheless, the Amsterdam-based company is feeling positive, as comparable orders are up 27 percent, which it hopes will mean good news for future sales and results.
“As the global societal and economic impact of the COVID-19 outbreak intensified in the second quarter of 2020, we continued to focus on our triple duty of care: meeting critical customer needs, safeguarding the health and safety of our employees, and ensuring business continuity. In close collaboration with our suppliers and partners, we have steeply ramped up the production volumes of acute care products and solutions to help diagnose, treat, monitor and manage COVID-19 patients,” explains Philips CEO, Frans van Houten.
“Comparable order intake grew a further 27% on the back of double-digit growth in the previous quarter, driven by CT imaging systems, hospital ventilators and patient monitors. We expect to return to growth and improved profitability for the group in the second half of the year, assuming we can convert our existing order book.”