The settlements include $24m for alleged kickbacks paid by the subsidiary formerly known as Respironics, as well as $4.2m for selling devices to the US military that weren’t certified for use in the air.

Philips’ revenues contraction in the first quarter of 2022 was less than feared and its order book remains impressive, but challenges presented by the recall program and generic post-COVID factors for the year ahead remain substantial.

Frans van Houten has promised a summer update on Royal Philips’ medium-term outlook after the company was hit from all sides in late 2021. He expects the resulting headwinds to persist into early 2022.

After a brief lull in US initial public offerings, PainReform and three special purpose acquisition companies kicked off September’s IPOs. Also, Immunovant offering grossed $173.9m, Carlyle Group bought 5% stake in China’s Salubris and Erasca increased its series B to $236m.