The Erlangen, Germany–based medtech giant reported profits of €432 million ($484 million) on sales of €3.88 billion ($4.34) during Q4, with the bottom line –15% and the top line –6.4% compared to Q4 2019. For the full year, profits were –10% to €1.42 billion ($1.59 billion), with revenue –0.4% to €14.46 billion ($16.17 billion).
Siemens Healthineers expects 5–8% revenue growth for the fiscal year ended September 2021.
“During a historically challenging environment in fiscal year 2020, Siemens Healthineers has proven to be very resilient and has performed excellently,” Siemens Healthineers CEO Bernd Montag said in a news release.
“Revenue was almost at the very good level achieved in the previous year. We were able to lift our order backlog to a new record level, supported by major long-term contracts. In this crisis, we are more than ever proving to be a reliable and attractive partner for our customers around the world,” Montag said.
Even as its sales took a hit amid the COVID-19 pandemic, Siemens Healthineers is playing an important role in helping countries manage the coronavirus. Montag told Bloomberg Television that the company will ship out roughly 30 million rapid, 15-minute COVID-19 tests from the middle of the month and rapidly ramp up after.