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☆ Dutch company Philips reaches U.S. settlement over respirators
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Dutch technology company Philips' logo is seen at company headquarters in Amsterdam, Netherlands, January 29, 2019. REUTERS/Eva Plevier/File Photo Acquire Licensing RightsCompanies Koninklijke Philips NV FollowPARIS, Sept 7 (Reuters) - Philips (PHG.AS) and some of its local units reached an agreement to resolve all economic loss claims in a US litigation related to the recall of certain sleep and respiratory care devices, the Dutch company announced on Thursday. The agreement includes cash awards to participants of the lawsuit depending on the type of device. Philips Respironics has recorded a provision for an amount of 575 million euros ($615.48 million) in the first quarter of 2023 to cover the estimated costs of the final settlement, it said in a statement. ($1 = 0.9342 euros)Reporting by Tassilo Hummel; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Eva Plevier, Philips Respironics, Tassilo Hummel, Sudip Kar Organizations: Philips, REUTERS, Koninklijke Philips NV, Gupta, Thomson Locations: Amsterdam, Netherlands, Dutch

☆ Philips settles one category of U.S. claims over respirator recall
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Companies Koninklijke Philips NV FollowAMSTERDAM, Sept 7 (Reuters) - Philips (PHG.AS) said on Thursday it has reached a settlement to resolve one category of legal claims against it following a major recall of the Dutch medical equipment maker's sleep apnea and respiratory devices. The company had taken a 575 million euro ($615.48 million) provision in the first quarter of 2023 against estimated costs for economic loss claims. The company still faces other legal actions over the recall, including personal injury claims, as well as an investigation by the U.S. Department of Justice. However, the lawyers said in a joint statement they would continue to pursue personal injury and other claims against the company. "We are confident in these claims and we look forward to holding Philips accountable for the physical harm they caused patients," they said.

Persons: Philips, Steve Klink, Toby Sterling, Tassilo Hummel, Sudip Kar, Gupta, Susan Fenton, David Evans Organizations: Koninklijke Philips NV, Philips, U.S . Department of Justice, U.S . Food, Drugs Administration, Thomson Locations: AMSTERDAM

George Clinical declined to comment. The private equity firm has entered a deal to buy most of George Clinical, the clinical research organisation said in December, adding the transaction was subject to FIRB approval. George Clinical did not disclose a sale price but said its parent, the George Institute, a medical research group, would retain an undefined stake. The George Clinical deal would involve the holding of healthcare and patient data which is considered sensitive in Australia. Hillhouse has offered to ensure data remains onshore and not be shared overseas, the people said.

Persons: George Clinical, Hillhouse, Zhang Lei, George, George Clinical's, Scott Murdoch, Kane Wu, Sumeet Chatterjee, Christopher Cushing Organizations: Hillhouse Capital, Foreign Investment, Board, of, Treasury, George Institute, Yale University, Tencent Holdings, HK, JD.com Inc, Baidu Inc, Koninklijke Philips NV, Thomson, & $ Locations: HONG KONG, Beijing, Hong Kong, Singapore, London, United States, Australia, China, Refinitiv, Netherlands, Asia, Pacific, Sydney

☆ Philips says tests on 95% of recalled devices show limited risks
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

Companies Koninklijke Philips NV FollowAMSTERDAM, May 16 (Reuters) - Dutch medical devices maker Philips (PHG.AS) said on Tuesday that independent tests had shown 95% of its respiratory devices involved in a major global recall had shown limited health risks. The company expects to have test results for the remaining machines involved in the recall later in the year. It said exposure to particulate matter emissions and volatile organic compounds from degraded foam in DreamStation devices was "unlikely to result in an appreciable harm to health in patients". Philips had already said last year that tests indicated foam degradation was very rare and was linked to the use of unauthorised ozone-based cleaning products. It now added that foam degradation as a result of such cleaning was also unlikely to result in an appreciable harm.

☆ Philips makes $631 mln provision for recall litigation costs
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

Companies Koninklijke Philips NV FollowAMSTERDAM, April 24 (Reuters) - Dutch health technology company Philips (PHG.AS) on Monday said it had set aside 575 million euros ($631 million) for possible litigation costs related to its global recall of respiratory machines. Amsterdam-based Philips is grappling with the fallout of a global recall of millions of respirators used to treat sleep apnoea, announced in June 2021 over worries that foam used in the machines could become toxic. The recall has knocked off around 70% of Philips' market value over the past two years as investors fear the costs of a string of lawsuits launched by concerned patients. Philips is still working on a settlement with the U.S. Food and Drug Administration (FDA) and is subject to an investigation by the U.S. Department of Justice. Philips also reported much better-than-expected first-quarter results, as core profit jumped almost 50%, to 359 million euros, and comparable sales were 6% higher than a year before.

☆ Philips expects to reach recall settlements this year
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

Companies Koninklijke Philips NV FollowAMSTERDAM, March 30 (Reuters) - Dutch health technology company Philips (PHG.AS) expects to reach settlements this year relating to its global recall of respiratory devices, CEO Roy Jakobs said in an interview with Dutch financial daily FD published on Thursday. "I think we can at least reach a settlement on economic damages this year," Jakobs said without giving details on the expected costs. Jakobs added he "hopes and expects" to also reach a settlement with the U.S. Food and Drug Administration this year. A settlement with patients who claim the use of the recalled machines made them sick probably will take longer, he said. The economic damages claim was made by people, hospitals and health plans who say they suffered economic losses when the millions of machines were recalled.

☆ Cramer's lighting round: I like Danaher over Philips
▼ + stars: | 2022-12-12 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Novo Nordisk A/S : "Other than appreciation, I can not tell you a reason to ring the register." Loading chart...Koninklijke Philips NV : "That's just not a well-enough run company. We own Danaher for the Charitable Trust, and that's the best-run company in the industry." Loading chart...Icahn Enterprises LP : "I don't really know what they own, so it's kind of like a black box. Disclaimer: Cramer's Charitable Trust owns shares of Danaher.

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