Healthcare growth drives Philips results

Despite slowdowns in developed Western markets, Dutch multinational conglomerate Royal Philips Electronics reported strong growth in its healthcare division for the company's second-quarter financial results.

For the period, Philips Healthcare posted sales of 2.413 billion euros, up 7% after currency adjustments compared to revenues of 2.08 billion euros in the same period of 2011. The firm said it saw double-digit sales growth in its Patient Care and Clinical Informatics unit, high-single-digit growth in its Imaging Systems division, and mid-single-digit growth in Home Healthcare Solutions.

On the profit side, the company said the healthcare business had earnings before interest, taxes, and amortization (EBITA) of 333 million euros, compared with 276 million euros in the same period the year before. Improvement was recorded in most of Philips' healthcare businesses, particular Patient Care and Clinical Informatics and Customer Services.

In further details, the company said that equipment orders were down 3% in North American markets compared to the second quarter of 2011, while orders in Western Europe declined 6%. Equipment orders in "growth" markets grew 13%, while orders in Japan grew at a double-digit rate.

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