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RESULTS ROUND-UP: Siemens still in the doldrums; FME, HOLX, SRN, TFX

This article was originally published in Clinica

Executive Summary

Germany’s Siemens Healthcare has had another poor quarter, with sales falling 5% year-on-year to €3.19bn ($4.27bn), and profits shrinking 13%. The company blamed the declines on unfavorable foreign exchange rates; excluding these currency effects, revenues declined 1%. Its diagnostics division told a similar story, with revenues down 4% to €951m, but up 1% on a currency neutral basis. The diagnostics unit also increased its contribution to healthcare sector profit to €105m, from €72m during last year’s Q3. Siemens is currently offloading its microbiology franchise, part of the diagnostics business, to Danaher as it continues streamlining. The latest results suggest it still has some way to go before it turns the corner.

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