The Deficit Reduction Act (DRA) of 2005 and the contraction of the North American market for imaging systems affected third-quarter earnings for Philips Medical Systems.
For the period (end-September 30), the Andover, MA-based firm had sales of 1.6 billion euros ($2.25 billion U.S.), up 2% on a nominal basis and up 3% on a comparable basis with the 1.575 billion euros ($2.21 billion) recorded in the third quarter of 2006. The company had third-quarter earnings before interest, taxes, and amortization (EBITA) of 182 million euros ($255.5 million), down from 192 million euros ($269.6 million) a year ago.
Lower EBITA in the imaging systems business could not be overcome by improvements in other areas, Philips said. In quarterly highlights, double-digit growth was turned in by Philips' ultrasound and monitoring units, as well as the company's healthcare informatics businesses.
By AuntMinnie.com staff writers
October 15, 2007
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