Siemens Healthineers AG (ETR: SHL) released its financial results for the fiscal year Q3 2022 period ending June 30. The company reported global revenues of EUR5,186 million (USD5,279 million) over the three months, marking a 5.7% year-on-year (YOY) decline in constant currency terms. This decline was primarily attributed to a significant drop in COVID-19 antigen test sales, which had driven a 38.9% growth surge last year. Excluding the impact of rapid COVID-19 antigen tests, revenues were up by 0.9%.
Geographical Performance
The Europe, C.I.S., Africa, Middle East (EMEA) region saw a 27% drop in revenues to EUR1,494 million. In contrast, North America sales rose by 15% to EUR2,374 million. Asia/Australia revenues shrank by 1% to EUR1,318 million, with China revenues down by 9% to EUR609 million (USD620 million) for the quarter and also down by 9% for the Q1-Q3 period to EUR1,812 million (USD1,844 million).
Segment Performance
Diagnostics sales were down by 23.9% to EUR1,409 million (USD1,434 million), significantly impacted by China’s COVID-19-related lockdowns. Imaging sales increased by 2.5%, while the newly acquired Varian segment rose by 8.2%, and Advanced Therapies by 8%.
CFO Comments
During the earnings conference call, CFO Jochen Schmitz noted a double-digit decline in China’s diagnostics revenue, specifying it was in the “high-teens” rather than low-teens. He attributed this entirely to the COVID-19 lockdowns in various cities that brought sales to a halt. China’s diagnostics sales account for approximately 15% of Siemens Healthineers’ global diagnostics business.-Fineline Info & Tech
