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    PHIA   NL0000009538


Real-time Euronext Amsterdam  -  07:36:48 2023-01-30 am EST
16.46 EUR   +5.77%
06:29aPHILIPS NV : JP Morgan reiterates its Sell rating
06:28aPHILIPS NV : Jefferies remains a Sell rating
06:26aPHILIPS NV : Receives a Sell rating from UBS
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Philips Signs Research Agreement to Explore New Magnet Technologies

11/30/2022 | 09:03am EST

  • Collaboration with leading material scientists focuses on the use of high-temperature superconductors to make MR imaging more affordable, accessible and sustainable in the future
  • Operating at higher temperatures and eliminating the use of liquid helium during both production and operation could reduce the size, weight and cost of MRI scanners, increasing accessibility across all patient communities and bringing advanced diagnostic imaging closer to a first line diagnostic tool
  • Following the first-to-market introduction of BlueSeal, Philips leads the market in sealed (helium-free operations) MR magnet technology

Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, has entered into a research partnership with U.S. magnet solutions provider MagCorp to explore superconducting magnets for MR scanners that do not require cooling to ultra-low temperatures (-452 °F or -269 °C) using liquid helium. Developing more sustainable alternatives to helium-cooled MRI magnets at a lower cost has the potential to offer significant benefits by making advanced MR imaging available to more patients in more diverse settings as well as potentially reducing radiology department capital and operating costs.

Patient benefit and sustainability

Operating at higher temperatures closer to ambient room temperature and eliminating liquid helium from both the production and operation of MRI scanners provides two major advantages. First, it decreases energy consumption required to sustain operation and reduces dependence on a finite and increasingly scarce natural resource, produced largely as a by-product of fossil-fuel (natural gas) extraction. Conventional MRI scanners often vent helium, which once released into the atmosphere escapes into outer space never to be seen again. Second, and just as important, it has the potential to reduce the size, weight and costs of MRI scanners. As a result, MRI’s superior diagnostic and functional imaging capabilities – notably its excellent soft-tissue imaging and absence of ionizing X-ray radiation – could be enjoyed by a larger number of patients, expanding access into underserved communities. The partnership between Philips and MagCorp is being launched to help realize these two major advantages.

“Florida State University’s MagLab, part of the U.S. National High Magnetic Field Laboratory, is home to many of the world’s leading researchers on novel superconducting materials that don’t require liquid helium temperatures to operate. Philips has decades of MR scanner design and development experience, including most recently the launch of the BlueSeal magnet technology,” said Josh Hilderbrand, Director, Head of MRI Magnet Research and Development at Philips. “Combining these resources with MagCorp’s research facilitation services will help leverage the latest technology to accelerate access and availability of MRI to more patients and healthcare providers.”

“MagCorp is proud of this partnership, which brings together Philips' game-changing BlueSeal magnet technology and the FSU MagLab’s unrivaled knowledge base about superconductors that can operate in a helium-free environment," said Jeff Whalen, Director of MagCorp. "Combining Philips' forward-thinking approach with FSU MagLab's scientists, who have a wealth of relevant expertise in the application of new superconductors, means Philips will be in the best position to develop innovations around this technology," Whalen said.

From helium-free in operation to helium-free end to end

With the introduction of its BlueSeal magnet technology in 2018, Philips already has a commercially available non-venting MRI scanner in widespread use that once charged with a small amount of helium (7 liters instead of a conventional scanner’s 1,500 liters) are sealed and operate without requiring additional helium for their entire operational life. Clinical MRI scanners that completely eliminate the need for helium are a clear direction for innovation in the long term. Using high-temperature superconductors supports a complete shift towards helium independence.

The research partnership will focus on characterizing and demonstrating the feasibility of appropriate superconducting materials capable of operating at higher temperatures than today’s niobium-based superconductors. In common with helium, niobium is also a scarce element, whereas some of the new materials being investigated by the research team are based on more abundant elements. In addition to basic materials research, the team will also investigate the steps needed to commercialize the materials, and the technologies needed to enable their use in future MRI scanners.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people's health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2021 sales of EUR 17.2 billion and employs approximately 79,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

ę Business Wire 2022
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Analyst Recommendations on PHILIPS NV
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Sales 2022 17 434 M 18 925 M 18 925 M
Net income 2022 -1 496 M -1 624 M -1 624 M
Net Debt 2022 5 931 M 6 438 M 6 438 M
P/E ratio 2022 -10,4x
Yield 2022 4,98%
Capitalization 13 778 M 14 956 M 14 956 M
EV / Sales 2022 1,13x
EV / Sales 2023 1,02x
Nbr of Employees 78 831
Free-Float 99,4%
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Roy Jakobs President & Chief Executive Officer
Abhijit Bhattacharya Chief Financial Officer & Executive Vice President
Feike Sijbesma Chairman-Supervisory Board
Jan Kimpen Chief Medical Officer
Shez Partovi Chief Medical, Innovation & Strategy Officer
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