Germany’s medical technology leader Siemens Healthineers AG (ETR: SHL) has reported its financial results for the second quarter of fiscal 2024, which concluded on March 31, 2024. The company achieved total revenues of EUR 5.44 billion (USD 5.85 billion), marking a growth of 3% year-on-year (YOY) at constant currency.
Siemens Healthineers expressed satisfaction with the positive results, especially considering the challenging comparison with the exceptional performance of the previous year. The EMEA region reported an 8% YOY increase, reaching EUR 1,810 million. Sales in the Americas rose by 5% to EUR 2,253 million, while the Asia Pacific Japan region saw a 4% growth, amounting to EUR 778 million. However, the China region experienced a 14% decline in revenue to EUR 595 million.
This downturn in China is attributed to the lofty comparison with the previous year’s quarter, which saw an impressive 25% YOY expansion. Additionally, Siemens cited temporary delays in customer orders within China. During the earnings conference call, executives also mentioned the ongoing effects of the anti-corruption campaign initiated in China earlier this year but anticipate a market rebound to commence in the second half of fiscal 2024.- Flcube.com
