By Pierre Bertrand
Siemens Healthineers shares fell Wednesday after the German healthcare company posted a decline in quarterly net profit and revenue.
At 0751 GMT shares traded 7.1% lower to EUR52.52.
The company reported 105 million euros ($115.1 million) in net profit attributable to shareholders for the quarter ended March 31 compared with EUR579 million a year earlier.
The company said its result was hurt by lower Covid-19 testing revenue and by transformation costs at its diagnostics business, which saw revenue fall by 39% in the quarter.
Overall revenue for the company fell 2% to EUR5.35 billion.
Diagnostics was the only division to miss sales-growth expectations, with organic sales growth around 5 percentage points below consensus, Citi analysts said in a research note. Excluding antigen revenue, the unit's organic growth declined 1.4%.
With organic sales at the company's peers growing in the mid-single digits, the decline is somewhat concerning, the analysts said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
05-10-23 0410ET