Germany-based medical device giant Siemens Healthineers AG has released its fiscal year 2023 Q1 financial report for the three-month period ending December 31, 2022. Global revenues were down 4.5% to EUR 5.077 billion (USD 5.5 billion), primarily reflecting the slowing demand for COVID-19 antigen testing.
Business Group Performance
Excluding COVID-19 antigen testing, sales were up 0.7% year-on-year (YOY), with Imaging and Advanced Therapies enjoying solid growth. By business group, global Imaging revenues were up by 5.2% YOY to EUR 2.74 billion, while Diagnostics were down 23.7% YOY to EUR 1.15 billion. Radiation oncology specialist Varian saw sales down 4.5% to EUR 770 million, and the Advanced Therapies business advanced 5% to EUR 474 million.
China Market Impact
The China market, which declined by 6% in Q1’23, was particularly impacted by COVID-19 restrictions and the outbreak of mass infections, affecting the diagnostics business. Additionally, supply-chain delays due to a problem at a Varian supplier, which has since been resolved, further dampened sales. Advanced Therapies was the only business segment to report growing demand in the China market.
Future Outlook
Despite the Q1 decline, Siemens Healthineers expects a strong rebound in Q2, particularly for the Diagnostics segment. The company remains focused on navigating market challenges and leveraging opportunities in Imaging and Advanced Therapies to drive future growth.-Fineline Info & Tech
