Up to date! GPS 2020 Q3 financial report, digital healthcare was pressed the “accelerator”

As 2020 enters the last quarter, just as the global industry begins to gradually recover, the second wave of the epidemic seems to have begun. It seems that vaccines and targeted drugs are no longer a “life-saving straw.” Everyone began to accept the long-term coexistence of the “new crown epidemic” in real time. The “new normal” during the epidemic became the “normal”, and the “accelerator” was pressed for digital medical care.

As the imaging field that has received much attention in the medical industry, it began to gradually recover in Q3 after experiencing the impact of the obstruction of conventional business in the first half of the year.

With the release of GE’s financial report on Wednesday, all the 2020Q3 financial reports of the GPS Big Three will be announced.

We found that in Q3 2020, there have been small changes in the scale of the medical field, with GE taking the first place, Philips rising to second, and Siemens Medical taking third.

GE Healthcare: In addition to the continued decline in the United States, the medical business has basically begun to recover. China and Europe led the rise . In addition to the ventilator revenue-driven growth, orders for conventional products have also begun to rise . The medical profit rate is still the highest among the three companies. The proportion of the group’s total revenue increased to 23%.

Philips: Due to the further increase in revenue growth of monitoring, ventilators and telemedicine products, its connected care business Q3 revenue increased by 36% year-on-year, which also drove the overall revenue growth of the group .

Siemens Medical: Affected by (the fiscal year period is April 1, 2020-June 30, 2020), the three major businesses have declined, and the in vitro diagnostic business has declined by double digits; regionally, China is excluding Germany The only growth market.

Overall revenue

GE Group’s total revenue in Q3 2020 is US$19.7 billion , -16% year-on-year .

▲GE Group Financial Data

GE Industrial: Revenues were US$13.47 billion, -18% year-on-year . Mainly due Aviation (-39%) influence; and energy source Business + 3%, the renewable energy business + 2%, growth continued to moderate.

Financial services: revenue of 1.68 billion US dollars, -20% year-on-year. Mainly due to including the GECAS investment portfolio and related market impact caused by COVID-19.

GE Chairman and CEO H. Lawrence Culp, Jr. said: Although still facing order pressure, GE will improve profit and cash performance through the expansion of organic profit margins in all business units except aviation. And all aspects are currently on the right track, and the free cash flow of the company is expected to be at least $2.5 billion in the fourth quarter.

Medical business revenue

▲GE Healthcare Financial Data

In Q3 of 2020, GE’s medical business recovered slightly compared with the first half (-10%), with total revenue of US$4.565 billion , a year – on – year increase of -7% (organic growth of 10%, mainly due to the delivery of 3 Billion dollars in orders) . The overall medical business accounts for 23 % of the total revenue of GE Group .

Orders: USD 4.125 billion, -20% year-on-year , and organic decline of 4% (the difference between the reported decline and the organic decline is mainly due to the divestiture of BioPharma and the decline in orders)

Profit: USD 765 million, -21% year – on -year ; organic growth of 30%, ( reported decline but organic growth is mainly due to the increase in revenue due to the large number of COVID-19-related backlog products delivered, while the cost has been reduced and productivity has increased drive).

Profit margin: the same as the first half at 16.8% .

▲GE Healthcare segmented business data

From the perspective of GE Healthcare’s adjusted business segmentation,

*In April 2020, Danaher completed the acquisition of GE Life Sciences’ BioPharma business and officially established the brand Cytiva.

Medical system (including imaging, ultrasound, life care solutions, enterprise software and solutions, referred to as HCS ) :

Revenue 4.085 billion US dollars, accounting for 89.5% of GE Healthcare’s total revenue; +12.1% year-on-year ;

In the long run, the medical equipment market will continue to grow at a low single-digit or higher growth rate, while the demand for new equipment and the demand for services based on existing installations will continue to grow;

Affected by the changes in the US-China trade relationship, driven by macro trends in the healthcare industry, it may drive the long-term growth of emerging markets, and the developed markets are expected to remain stable in the short term.

Medical diagnosis (PDx for short, including contrast agents and nuclear tracers):

Revenue of 480 million US dollars, accounting for 10.5% of GE Healthcare’s total revenue; -3% year – on -year;

After the decline in demand affected by the epidemic in the first half of 2020, PDx revenue increased in the third quarter as the number of routine diagnoses resumed;

As the demand for diagnostic imaging continues to grow, the market is expected to grow in the long-term because these products help improve the accuracy of clinicians’ diagnostic information.

From the perspective of GE medical product segmentation,

Equipment: revenue of US$2.538 billion, -10.25% year-on-year , accounting for 55.6 % of GE Healthcare’s total revenue .

Services: Revenue of US$ 2.027 billion, -3.25% year-on-year , accounting for 44.4 % of GE Healthcare’s total revenue .

In general,

In the third quarter, COVID-19-related demand tended to ease, while demand for conventional products began to recover; while the epidemic still has a lot of uncertainty and may become “normal”, GE has initiated additional costs in response to expected fluctuations and cost pressures Reduction, restructuring and cash preservation actions.

From a regional perspective, China and Europe rose further, the United States still fell, and India and Latin America continued to weaken. The future demand for healthcare in emerging markets will further accelerate the growth in the use of diagnostic imaging.

Latest News

GE Healthcare continues to focus on creating new products and digital solutions , as well as expanding the use of existing products for the different needs of global customers.

In August , GE Healthcare and Lunit, a South Korean medical imaging start-up company, developed the Thoracic Care Suite using the AI ​​algorithm of Lunit INSIGHT CXR to mark abnormalities on chest X-rays and realize the commercialization of artificial intelligence solutions. Reduce the burden for clinicians.

In October , GE Healthcare combined ultrasound and artificial intelligence technology to build the Vivid Ultra Edition platform, bringing the efficiency of artificial intelligence into the Vivid cardiovascular ultrasound product portfolio, which can shorten the time required for cardiac examination and diagnosis, improve measurement consistency, and Has been approved by the FDA.

In 2020 CMEF , GE Healthcare’s powerful PHI GO scientific research workstation was unveiled for the first time. With its independent scientific research capabilities, GE Healthcare will lead important innovations in precision medicine and help image analysis of major diseases “to a higher level.”

Overall revenue

In 2020Q3, Philips’ revenue was 4.98 billion euros , +6% year-on-year . Mainly driven by the rise of connected care products for patient monitors and ventilators.

▲ Philips overall revenue data

Net profit: 340 million euros. Net profit rose by 63% (2019Q3 net profit was 208 million euros).

Orders: Excluding the termination of partial ventilator contracts signed with the Ministry of Health and Human Services (HHS), Q3 comparable orders increased by 3%. North America and Europe are showing an upward trend.

Frans van Houten, CEO of Philips, said: The rising drive of connected care products for patient monitors and ventilators , and the rebound in demand for personal health product portfolios, have contributed to a 10% strong comparable sales growth.

Among them, the comparable sales of the connected care business achieved a very strong growth of 42%, while the comparable sales of the personal health business achieved a 6% growth. Diagnosis and treatment business revenue continued to improve, from a high single-digit drop in the previous quarter to a comparable low single-digit comparable sales decline.

Looking ahead, the uncertainty and volatility associated with the global impact of COVID-19 will continue. But for the full year of 2020, Philips is expected to still achieve positive growth in comparable sales.

Medical business revenue:

At the beginning of 2019, Philips adjusted its three major business structures (as shown below).

▲Philips business framework

▲2020Q3 Philips business revenue


Diagnosis and treatment : overall revenue of 1.971 billion euros, -7% year – on -year , accounting for 39%;

The overall revenue of diagnosis and treatment has improved compared with the 9% decline in Q2. Delays in equipment installation caused revenue decline, while the gradual restoration of elective procedures drives revenue improvement;

Among them, guided therapy and ultrasound showed a double-digit decline, and comparable orders dropped by 5% (compared to the 20% decline in Q2).

Internet Care: Revenue 1.556 billion euros, +36% year-on-year , accounting for 31%.

Among them, the monitoring and analysis and sleep and respiratory healthcare business achieved double-digit growth;

Although HHS’s ventilator contract was partially terminated, comparable orders showed double-digit growth, and all businesses achieved strong growth.

Health Personal Care: Revenue 1.376 billion Euros, +1% year-on-year , accounting for 28%.

Benefited from high single-digit growth in personal care and household appliances.

▲2020Q3 Philips’ various businesses accounted for the overall revenue

Detailed medical business data:

▲Diagnostics and treatment business revenue data

Diagnosis and treatment business : revenue of 1.971 billion euros, -7% year-on-year.

From the perspective of subdivisions : due to the continued raging COVID-19, the installation and elective procedures have been delayed, the revenue of diagnostic imaging and image-guided therapy has declined in single digits, while the revenue of ultrasound has decreased in double digits;

From a regional perspective: Driven by the double-digit growth in Russia and Central Asia and the medium-single-digit growth in China, comparable sales in the growing regions showed overall moderate-single-digit growth; while Western Europe showed low-single-digit growth. , North America showed a high single-digit decline;

Restructuring, acquisition-related expenses and other expenses are 67 million euros (up from 47 million euros in Q3 2019. Restructuring, acquisition-related expenses and other expenses in Q4 2020 are expected to total approximately 40 million euros .

▲Revenue of Internet Care Business

Internet care business: revenue of 2.427 billion euros, accounting for 28%. Due to the needs of patients in the epidemic, the growth rate of the connected care business was the highest, +12% year-on-year. (Connected care services include: telemedicine, emergency monitoring, sleep breathing, etc.)

From the perspective of segmented areas: mainly driven by the demand generated by COVID-19, monitoring and analysis, as well as sleep and respiratory care have achieved double-digit growth;

From a regional perspective: Driven by double-digit growth in Latin America, the Middle East and Turkey, comparable sales in the growth regions showed double-digit growth. Mature regions including Western Europe and North America have achieved double-digit growth;

Restructuring and acquisition-related expenses and other expenses are 115 million euros (Q3 of 2019: 27 million euros). In 2020, Q4 restructuring and acquisition-related expenses and other expenses are expected to total approximately 25 million euros.

Regional revenue (group as a whole)

▲Philips regional revenue data

United States: The overall revenue of 1.781 billion euros, Philips’ largest market, accounting for 35.8%, the group’s overall revenue +7% year-on-year;

Mature markets: sales grew by 12% on a comparable basis, driven by high double-digit growth in Western Europe and North America;

Growth markets: Driven by double-digit growth in Latin America, the Middle East and Turkey, and Russia and Central Asia, sales in growth markets increased by 6% on a comparable basis, and the decline in China partially offset this growth;

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Philips has expanded its industry-leading image-guided therapy product portfolio through the acquisition of Intact Vascular; it has also launched a series of new products, including

Launched “Quick Clear”, an all-in-one thrombectomy system used to remove peripheral blood clots, and “OmniWire”, a solid core pressure line used to guide coronary artery surgery;

Launched the newest member of its cardiovascular ultrasound solution portfolio-Affiniti CVx to improve work efficiency, the system is designed to support cardiology departments to provide better care for more patients, improve efficiency and throughput;

The new TempusALS remote monitoring and defibrillator solution was launched in the United States to help accelerate the provision of care in emergency situations outside the hospital.

In addition, Philips signed 11 new long-term strategic partnerships with hospitals around the world during the epidemic, including agreements with Boon Matut University Hospital in Vietnam, Royal Mandaya Hospital in Indonesia, and Franciscus Gasthuis & Vlietland in the Netherlands to provide Comprehensive health technology solutions.

SimonMed Imaging, one of the largest outpatient medical imaging providers in the United States, is also collaborating with Philips to deploy its most advanced 3TMRI technology in their outpatient practice, including software and services, to enhance everything from brain injury, liver and heart disease to orthopedic injuries Diagnosis and treatment.

The 2020Q3 fiscal year of Siemens Healthcare is from April 1, 2020 to June 30, 2020. (The global market is “fully” affected by the new crown epidemic)

Overall revenue

In the 2020Q3 fiscal year, Siemens Healthcare’s overall revenue was 3.312 billion euros , -7.2% year-on-year ; the three major businesses have declined to varying degrees.

The main factor is that the conventional professional diagnosis business of the IVD business has been reduced by the epidemic. In contrast, revenues from medical imaging and advanced treatment businesses only slightly declined. From a geographic perspective, the Americas region saw the largest decline in revenue. The amount of equipment ordered also reflects the corresponding decline in regular consumption willingness under the COVID-19 pandemic.

Net profit: 271 million euros, -23% year – on -year ;

Profit margin: down to 8% .

▲Siemens medical financial data

▲Proportion of Siemens Healthcare’s various businesses

▲Data of Siemens Healthcare’s business units

Video: Revenue 2.113 billion euros, -3.3% year-on-year , accounting for 63% of total revenue , is Siemens Medical’s largest business.

Although the revenue of computed tomography (CT) business has increased, it still cannot offset the impact of the decline in other imaging businesses;

From a geographical perspective, Europe, the Middle East, Africa, Asia, and Australia showed basically stable development on a comparable basis, while the Americas showed a decline in comparable revenue ;

The profit margin is still at a good level, higher than the same period last year, thanks to a good business mix and strict cost management, as well as lower expenditures on performance-related salary components.

In vitro diagnostics: revenue of 869 million euros, -15.9% year-on-year, accounting for 26% of total revenue, the most affected by the epidemic as the three major businesses.

This is mainly due to the reduction in the amount of routine inspections, and the increase in COVID-19-related inspection revenue is not enough to offset other declines;

Clinical treatment: revenue of 372 million euros, -1.8% year-on-year .

Comparable growth in Europe, the Middle East and Africa only partially offset the decline in Asia and Australia;

Regional revenue

▲Q3 revenue analysis of Siemens Healthcare

▲Siemens Healthcare’s revenue share in the three major regions

European region (including EU, Africa, Middle East): revenue of 1.05 billion euros, -6% year-on-year.

Home revenue in Germany was +3% year-on-year.

Americas: Revenue 1.302 billion euros, -9% year-on-year. The highest proportion of total revenue (39%)

US revenue was -6% year-on-year .

Asia Pacific (including the Australian market): revenue of 960 million euros, -6% year-on-year, the highest growth rate among the three major regions.

China’s revenue was basically flat year-on-year, and its share of total revenue increased to 14.4%. It is also the only growth market in the report except Germany.

Regional revenue for the first nine months of fiscal 2020:

▲Siemens Healthcare’s revenue in the first nine months of fiscal 2020

From the overall revenue in the first nine months of fiscal 2020, it can be seen that all regions except Germany have basically shown a year-on-year growth trend; China has the world’s highest +6% . Therefore, in view of the recovery in Q4, the overall revenue is expected to grow positively in fiscal 2020.

Latest News

On August 2, Siemens Medical Group announced that it had agreed to acquire Varian Medical Systems, a giant in oncology radiotherapy equipment, in cash, with a total purchase value of US$16.4 billion;

In mid-October, Varian announced that the company’s shareholders voted at a special meeting to approve the previously announced merger with Siemens Healthineers AG;

The transaction is expected to be completed in the first half of 2021, depending on the approval of other regulatory authorities and customary closing conditions.

After the merger, Siemens’ closed-loop diagnosis and treatment integration will be further improved, and Varian’s business will also be further empowered with greater influence and greater effects, including:

The most comprehensive product portfolio in the complete cancer pathway;

Accelerate digital and AI-rich products to realize precision medicine ;

Obtain a wider sales, service, R&D and production network;

Overall partners for the entire customer range;

The most comprehensive product portfolio for all major diseases;

Further increase the scale of sales, service, R&D and production network

According to official sources, the combined company will provide a fully integrated platform covering end-to-end oncology solutions to ensure the entire continuity of cancer care: from screening and diagnosis, treatment and care, to survival after treatment .

It is expected that after the completion of the transaction, it will continue to operate as an independent company within Siemens Healthcare under the Varian brand.

In the future, disease-oriented digital precision diagnosis and treatment is an important development direction, especially cancer, cardiovascular and other diseases that are most critical to human health. This is also an area where Siemens Healthcare is focusing.

It can be seen that Philips Healthcare has maintained relatively stable revenue in the first nine months of 2020 with its monitoring, respiratory and telemedicine businesses ; Siemens Healthcare may be flat in fiscal year 2020 due to different fiscal years; GE Healthcare seems to be on the rise The biggest impact in the first half of the year, and timely adjustment of the strategy, after increasing the investment in ventilators and digital products, revenue began to improve in the second half

In the digital medical “staking enclosure”, Philips cooperates with the four fields of “specific disease fields, technology-driven companies, AI start-ups, and medical institutions” to create a platform-based and professional community, and accelerate the next five years of health technology Transformation has truly landed; GE Healthcare’s Edison digital platform’s artificial intelligence applications and disease solutions are integrating various resources to make smart healthcare an ecosystem; Siemens Healthcare has developed six solutions based on more than ten years of concentrated research at its US supercomputer center. The big digital “plate” reshapes the future clinical “full process”.

The Chinese market is still an important “growth driver” for companies around the world. As the revenue of digital products begins to take on an important force driving business growth , the last quarter of 2020 and the upcoming 2021, the leading companies in the medical field How will it lead the new development? Medical trends will continue to pay attention.

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