Siemens Healthcare sees double-digit sales growth in Q1

The Siemens Healthcare division of German industrial conglomerate Siemens saw double-digit growth in revenues for its first quarter, while profit grew sharply.

For the period, Siemens Healthcare reported revenues of 3.288 billion euros ($3.57 billion U.S.), up 11% on a currency-adjusted basis and 15% on an actual basis compared with revenues of 2.851 billion euros ($3.09 billion) in the first quarter of fiscal 2015.

In terms of segment profit, the division posted a profit of 541 million euros ($587 million), up 31% from a profit of 413 million euros ($448 million) in the corresponding quarter of 2015. The segment's profit margin grew to 16.5% from 14.5%.

Orders came in at 3.350 billion euros ($3.350 billion), compared with 2.980 billion euros ($3.23 billion) in the corresponding quarter the year before, up 8% on a currency-adjusted basis and 12% on an actual basis.

In discussing the results, Siemens said that growth in orders and revenues came from its diagnostic imaging business, with "exceptionally high" double-digit growth. All geographic regions contributed to the growth, with strong order and revenue increases in China.

The division's profit growth was due to a strong earnings performance in the diagnostic imaging business, while currency changes also improved segment profit.

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