Siemens Healthineers (ETR:SHL) shares are on the decline today upon the release of the company’s third-quarter financial results.
Shares of SHL were down 0.9% at $24.93 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1%.
The company said in a news release that it saw a decline in revenue totaling 5.7%, due to lower revenues from rapid COVID-19 antigen tests and a challenging environment that included COVID-19-related lockdowns in China. Excluding the COVID-19 antigen tests, the company’s revenues grew 0.9%.
Siemens Healthineers’ comparable revenues ticked up 8.2% at its Varian oncology company and 5.2% in advanced therapies, while imaging grew by 2.5%. Diagnostics dropped 23.9% as a result of the COVID-19 testing dip.
The company’s adjusted earnings per share dipped to approximately 44¢ (€0.43), representing a 24% decline from the same period last year. Despite the challenging environment, Siemens Healthineers maintains its expectation of revenue growth between 5.5% and 7.5%, with adjusted EPS falling between $2.28 and $2.38 (€2.25 and €2.35).
“Once again, our team delivered a strong quarter despite an environment that was more than challenging,” Siemens Healthineers CEO Bernd Montag said in the release. “Supply-chain headwinds and pandemic-related lockdowns pushed out some sales into the next quarters, and cost increases burdened profits. Despite these factors, we confirm our outlook.”