Siemens Healthineers Shares Slide After Varian Disappoints
02 August 2023 - 8:23PM
Dow Jones News
By Cecilia Butini
Shares of Siemens Healthineers dropped in early trading on
Wednesday after the company posted disappointing results in its
Varian radiation oncology business, according to analysts.
At 0937 GMT, shares traded 7% lower at EUR48.63.
The German health-care company reported higher net profit in its
fiscal third quarter, mainly thanks to lower taxes and higher
revenue. Growth in the imaging and advanced-therapies segments was
broadly offset by a drop in diagnostics sales due to weaker demand
for Covid-19 antigen tests, the company said.
Although revenue growth was in line with consensus and Citi
estimates, adjusted earnings before interest and taxes came in
below consensus, analysts at the bank say in a note, pointing out
that the miss was driven exclusively by Varian, which is hit by
temporary logistics issues.
The miss at Varian is likely to renew the debate on the margin
progression within the business, according to Citi analysts.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
August 02, 2023 06:08 ET (10:08 GMT)
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