Philips to Take $1.3 Billion Write-Down on Sleep-Apnea Business

by | Oct 12, 2022 | Business

Royal Philips NV said it would write down the value of its sleep and respiratory care business by €1.3 billion, equivalent to $1.26 billion, as it grapples with the fallout from a huge recall of devices used to treat sleep apnea.The update came Wednesday as the Dutch healthcare conglomerate warned that worse-than-expected supply-chain disruptions would hurt third-quarter sales and profit. Philips said it expected third-quarter sales to decline 5% to €4.3 billion and for adjusted earnings before interest, taxes and amortization of around €210 million, sharply down from €512 million a year earlier. The company is set to report full earnings later this month.

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