Siemens Healthineers reports lower Q2 profit, discontinues heart surgery robots business

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U.S.-German medical device maker Siemens Healthineers on Wednesday said it is giving up part of billion-dollar acquisition Corindus' business as it reported a 30% drop in quarterly operating profit on lower contributions from COVID tests.

on Wednesday said it is giving up part of billion-dollar acquisition Corindus' business as it reported a 30% drop in quarterly operating profit on lower contributions from COVID tests.

Adjusted earnings before interest and taxes fell to 681 million euros in the January-March period, less than the 702 million expected by analysts, according to a consensus provided by the company. The group said it was discontinuing the robotic-assisted endovascular cardiology business in its Advanced Therapies segment and reported a 329-million euro writedown.

Siemens Healthineers had acquired the business as part of the 1-billion-euro Corindus acquisition in 2019.Revenues for the fiscal second quarter came in at 5.35 billion euros, down 2.5% on a comparable basis, which was above consensus for 5.28 billion. The group confirmed its full-year guidance of comparable revenue to be flat within a range of a 1% fall to a 1% increase from last year's 21.7 billion euros.

 

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