Siemens Healthineers Q3 earnings fall, outlook confirmed

[August 03, 2022]  BERLIN (Reuters) -U.S.-German medical device maker Siemens Healthineers reported a dip in its third-quarter earnings on Wednesday, as revenue from rapid COVID-19 antigen tests dropped and COVID-19 lockdowns in China took their toll on business.

Net income fell 8% year on year to 364 million euros ($370 million), the company said. Analysts had expected a rise to 415 million euros, according to a consensus published on Healthineers' website.

Adjusted earnings before interest and tax (EBIT) dropped 19% to 765 million euros on revenues of 5.19 billion euros, compared to 5 billion euros a year ago.

The company stuck with its outlook for the 2022 financial year as supply-chain headwinds and COVID-19 lock-downs pushed some sales into next quarters.

An employee wearing a face mask is seen at a workshop of computed tomography (CT) scanners of medical device firm Siemens Healthineers in Shanghai, China, as the country is hit by an outbreak of a new coronavirus, February 24, 2020. REUTERS/Aly Song

It said it expected comparable revenue growth of between 5.5% and 7.5% and adjusted basic earnings per share of between 2.25 euros and 2.35 euros.

"Supply-chain headwinds and pandemic-related lockdowns pushed out some sales into the next quarters, and cost increases burdened profits," Chief Executive Bernd Montag said.

($1 = 0.9826 euros)

(Writing by Rachel More, editing by Kirsti Knolle and Maria Sheahan)

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