Siemens Healthineers: Q3 profit down but outlook confirmed

Siemens Healthineers: Q3 profit down but outlook confirmed

BERLIN (Reuters) – German medical device maker Siemens Healthineers reported lower third-quarter profits on Wednesday as revenue from its rapid antigen tests for COVID-19 and the impact of pandemic-related lockdowns in China on production.

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

Adjusted profit before interest and tax (Ebit) fell 19% to 765 million euros on revenue of 5.19 billion euros, against 5 billion euros a year earlier.

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

“Supply chain headwinds and pandemic-related lockdowns pushed some sales back into subsequent quarters, and cost increases weighed on earnings,” CEO Bernd Montag said.

Siemens Healthineers said it expects like-for-like revenue growth of between 5.5% and 7.5% and adjusted basic earnings per share of between 2.25 euros and 2.35 euros.

(Written by Rachel More; French version Dina Kartit, editing by Kate Entringer)

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