Philips – Increased Sleep Apnoea Machine Recall & Q4 2021 Earnings Analysis - 1 February 2022

  • Public Equity
  • Healthcare
  • Europe


Former executive at Phillips NV.


  • Key drivers of Philips' (AMS: PHIA) missed Q4 2021 earnings, including recall costs and supply chain challenges
  • Recent increase of sleep apnoea and mechanical ventilator machines recalled, from around four million to 5.2 million globally
  • Philips’ repair and replacement programme – potential timeframes according to repair-replacement split
  • Short- and long-term reputational impact of recall, including Philips' future market position vs competitors such as ResMed (NYSE: RMD)
  • 2022 outlook – restructuring potential, including possibility of homecare spin-off to mitigate liability and costs from device recall


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