Philips to invest $109M as COVID-19 drives connected care order growth

Via MedTech Dive

“Demand for patient monitors and hospital ventilators, devices central to the treatment of COVID-19, drove orders at Philips’connected care unit up significantly in the quarter, not to mention the order for 43,000 ventilators that the U.S. government placed after the first quarter had wrapped.”

“Philips has responded to the surge in orders by planning to spend more than €100 million ‘to meet urgent demand from our customers for ventilators, patient monitors and certain diagnostic modalities,’ CFO Abhijit Bhattacharya told investors on the quarterly results conference call. The spending is intended to support work that Philips expects to drive a ‘significant increase in revenue in connected care.’”

Learn all about Philips’ first quarter results and its plans to increase its patient monitoring tools.

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