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    PHIA   NL0000009538

KONINKLIJKE PHILIPS N.V.

(PHIA)
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Philips Takes EUR250 Million Hit on US Recall of Sleep, Respiratory-Care Products

06/14/2021 | 12:33am EDT

By Adria Calatayud

Koninklijke Philips NV said Monday that it is starting a recall notification for the U.S. in relation to certain sleep and respiratory-care devices, leading it to book 250 million euros ($302.8 million) in additional costs.

The Dutch medical-technology company said it identified potential health risks related to a sound-abatement foam component in certain devices. The majority of the affected devices are in the first-generation DreamStation sleep and respiratory-care product family, the company said.

Philips issued a recall notification for the U.S. and a field-safety notice for the rest of the world in consultation with regulatory agencies.

The company said it will replace the current sound-abatement foam with a new material and modify the first-generation DreamStation product families with a different foam.

As a result, Philips said it expects an increase of EUR250 million in costs, in addition to the provision of EUR250 million it booked in its first-quarter results.

However, the company said its 2021 guidance for adjusted earnings before interest, taxes and amortization margin and comparable sales growth remains unchanged as revenue headwinds in the sleep and respiratory-care business will be offset by strength in other segments.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

06-14-21 0233ET

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Financials
Sales 2021 17 672 M 20 974 M 20 974 M
Net income 2021 1 465 M 1 738 M 1 738 M
Net Debt 2021 4 074 M 4 836 M 4 836 M
P/E ratio 2021 25,9x
Yield 2021 2,35%
Capitalization 35 496 M 42 107 M 42 128 M
EV / Sales 2021 2,24x
EV / Sales 2022 2,08x
Nbr of Employees 77 084
Free-Float 99,3%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 38,89 €
Average target price 50,65 €
Spread / Average Target 30,2%
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Managers and Directors
Frans van Houten Chief Executive Officer
Abhijit Bhattacharya Chief Financial Officer & Executive Vice President
Feike Sijbesma Chairman-Supervisory Board
Jan Kimpen Chief Medical Officer
Sophie Bechu Chief Operating Officer & Executive Vice President
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