Negative currency effects adversely impacted financial results for Siemens Healthineers in the first quarter of the parent company's 2018 fiscal year (end-December 31).
Revenue for Siemens' healthcare segment decreased 4% before currency adjustments to 3.196 billion euros ($3.95 billion U.S.), compared with 3.326 billion euros ($4.14 billion U.S.) in the first quarter of the 2017 fiscal year. After adjusting for currency effects, revenue would have risen 2%.
Profit for Siemens Healthineers also slipped by 15% to 541 million euros ($672 million U.S.), compared with profit of 638 million euros ($791 million U.S.) in the first quarter of 2017.
Orders fell by 5% in the first quarter to 3.356 billion ($4.15 billion U.S.), compared with orders of 3.521 billion euros ($4.36 billion U.S.) in the first quarter of fiscal 2017.
The parent company blamed negative currency effects in part for the lackluster results. On a geographic basis, the division saw revenue growth mainly in China, the company said.
Siemens also noted that it is proceeding with its initial public offering (IPO) for Healthineers, but it provided no timetable for its commencement.
