Philips responds to reports from U.S. House of Representatives subcommittee » 09:1807/3107/31/20
Royal Philips announced…
Royal Philips announced that it has received the report from the U.S. House of Representatives Subcommittee on Economic and Consumer Policy and is providing an initial response. In April, 2020, Philips received a letter from the subcommittee, requesting information about Philips' hospital ventilator activities in connection with the contracts for the delivery of 10,000 Trilogy Universal ventilators and 43,000 EV300 ventilators to the U.S. Department of Health and Human Services. Philips has cooperated with the subcommittee's information requests. "Philips is supporting healthcare providers in the U.S. and globally to combat the COVID-19 pandemic," said Frans van Houten, CEO of Royal Philips. "We have been transparent about our production ramp up plans, pricing and allocation policies. We have cooperated and delivered the requested information to the subcommittee. We do not recognize the conclusions in the subcommittee's report, and we believe that not all the information that we provided has been reflected in the report. I would like to make clear that at no occasion, Philips has raised prices to benefit from the crisis situation. Philips is proud to make its contribution to combatting the pandemic through its acute patient care and diagnostic products." As the epicenter of the COVID-19 pandemic started to transfer to the west in February of 2020, Philips reached out to various governments around the world to discuss how to collaborate to combat the COVID-19 pandemic. Philips is investing over 100 million dollars in 2020 in the production ramp up of acute care products to diagnose, threat, manage and monitor COVID-19 patients. From March, 2020 onwards, Philips has achieved a massive fourfold increase of ventilator production in just five months, adding three production lines in the U.S. as well as hundreds of jobs. Philips' employees in the factories in Western Pennsylvania and California are working around the clock to produce these ventilators. Philips is on track with the production and delivery of the 43,000 EV300 hospital ventilators according to the April 2020 contract with HHS. The list price of the specific bundle of the EV300 ventilator plus roll-stand and accessories, as selected by HHS, is over $21,000 and is being provided to the U.S. government for $15,000. The agreed price reflects a discount, while taking into account part of the higher costs for the expedited delivery schedule. The contract that Philips entered with HHS/BARDA in 2014 to develop a stockpile ventilator, which was yet to be developed and manufactured, was chiefly a research and development contract. Tied to this contract, BARDA requested a one-time purchase option for 10,000 of these units be included in the contract for a price considerably lower than commercial prices. Philips is producing and delivering this ventilator to HHS in line with the agreed delivery schedule.
Philips launches pre-hospital wireless monitoring solution in the U.S. » 09:0907/2907/29/20
Royal Philips announced…
Royal Philips announced the launch of its remote monitoring and defibrillator solution for pre-hospital settings in the U.S. The solution is a complete end-to-end system that combines innovative hardware and advanced software to expand the pre-hospital scope of care for first responders. The professional defibrillator is the final element of the overall solution to receive 510(k) clearance from the U.S. Food and Drug Administration and is now available for sale in the U.S. market.
Philips initiated with a Buy at Societe Generale » 05:2807/2807/28/20
Societe Generale initiated coverage of Philips with a Buy rating and EUR 56 price target.
|Over a week ago|
Philips announces publication of study on HFCWO therapy using InCourage System » 09:0207/2307/23/20
Royal Philips announced…
Royal Philips announced the publication of a peer-reviewed, retrospective outcomes study demonstrating that, in the first year of use, high frequency chest wall oscillation therapy using the Philips InCourage System reduced the rate of chronic respiratory patient hospitalization by more than 50 percent. According to the study, antibiotic use also decreased significantly. The study examined data from a registry of adult bronchiectasis patients' self-reported outcomes collected by RespirTech, a Philips company. This data repository is now the largest bronchiectasis research registry in the world. According to the American Lung Association, nearly 37 million U.S. adults live with a chronic respiratory disease, including cystic fibrosis, chronic obstructive pulmonary disease, and bronchiectasis. Exacerbations of these chronic respiratory diseases can be a major source of costs for healthcare systems and insurers, as hospitalizations and readmissions result in billions of dollars of additional healthcare costs each year. Such exacerbations have a negative impact on quality of life, as patients experiencing numerous episodes report symptoms such as low energy, shortness of breath, and excess mucus production. This study observed chronic respiratory patients receiving HFCWO therapy, an airway clearance technique that uses a fitted vest to apply external chest wall oscillations in an attempt to combat these issues. The study, "Real-life experience with high-frequency chest wall oscillation vest therapy in adults with non-cystic fibrosis bronchiectasis", found that initiating airway clearance with non-invasive HFCWO therapy is associated with keeping patients out of the hospital, reducing their need for medications, and improving quality of life. It is the largest study of airway clearance use for bronchiectasis to date. After monitoring 2,596 patients using Philips InCourage System, the study concluded that in the first year of vest use, the rate of hospitalization dropped 54.5%, self-reported ability to clear lungs improved from 13.9% to 76.6%, and antibiotic use dropped from 57.7% to 29.9%. As an added benefit beyond the results of the study, the Philips InCourage System is uniquely supported by patient-centric services designed to optimize product use, improve patient-provider communication, and encourage therapy adherence.
Philips price target raised to EUR 39.50 from EUR 36.80 at JPMorgan » 12:2607/2107/21/20
JPMorgan analyst David…
JPMorgan analyst David Adlington raised the firm's price target on Philips to EUR 39.50 from EUR 36.80 and keeps a Neutral rating on the shares.
JPMorgan backs Neutral on Philips ahead of Q2 results » 12:4207/1307/13/20
JPMorgan analyst David…
JPMorgan analyst David Adlington reiterated a Neutral rating and EUR36.80 price target on Philips ahead of the company's Q2 results.
Philips price target raised to EUR 45 from EUR 44.11 at Morgan Stanley » 13:2207/0907/09/20
Morgan Stanley analyst…
Morgan Stanley analyst Michael Jungling raised the firm's price target on Philips to EUR 45 from EUR 44.11 and keeps an Overweight rating on the shares.
Philips forms collaboration with BioIntelliSense to integrate BioSticker » 09:2707/0907/09/20
Phiilips announced it has…
Phiilips announced it has formed a strategic collaboration with BioIntelliSense, a continuous health monitoring and clinical intelligence company, to integrate its BioSticker medical device into Philips' remote patient monitoring, or RPM, offering to help monitor at-risk patients from the hospital into the home. With the addition of multi-parameter sensors, Philips' solutions can enhance how clinicians monitor patient populations living with chronic conditions in their homes with passive monitoring of key vital signs, physiological biometrics and symptomatic events via a discreet wearable patch for monitoring up to 30 days. Remote patient monitoring and telehealth-enabled clinical programs offer care teams a sustainable and scalable way to manage patient populations with chronic or complex conditions at home, and plays a role in supporting care for COVID-19 patients who do not require hospitalization. By regularly transmitting patient data that can provide critical insights into a patient's condition, the collaboration will empower care teams in the U.S. with a more holistic patient view and the ability to intervene earlier before adverse events occur. With single-use sensors and patient-owned technology supporting remote monitoring, care teams can also help reduce the need for clinicians and patients to interact in person.
Philips awarded up to $100M contract to expand VA tele-critical care program » 09:0907/0807/08/20
Philips announced that…
Philips announced that the U.S. Department of Veterans Affairs, or VA, has awarded a contract to Philips to expand VA's tele-critical care program, creating the world's largest system to provide veterans remote access to intensive care expertise, regardless of their location. The ten-year contract enables VA to invest up to $100M with Philips for tele-critical care technology and services. VA is the largest integrated healthcare system in the U.S., consisting of more than 1,700 sites and serving nearly 9M veterans each year. In FY19 alone, VA delivered more than 2.5M telehealth episodes. Additionally, VA was able to expand video to home appointments from approximately 10,000 to 120,000 per week between February and May of during the COVID-19 pandemic. Overall, the pandemic has increased the share of Americans participating in telehealth from 11% in 2019 to 46%, with healthcare systems reporting a 50 to 175-fold increase in telehealth volume compared to pre-pandemic levels.
|Over a month ago|
Philips sells Electrical Geodesics product portfolio to Magstim » 08:2007/0207/02/20
Magstim announced an…
Magstim announced an agreement to acquire the product portfolio of Electrical Geodesics, or EGI, from Royal Philips. Magstim said in a release, "EGI designs non-invasive multimodal technologies to monitor brain activity and deliver transcranial electrical stimulation in brain research. Magstim will acquire EGI hardware, software and sensor nets assets and will immediately manage global sales, service and support. Philips will support the transition through the end of 2020."