Medical technology company Philips sold less in the second quarter. The company suffered a lot from the lockdowns in China and supply problems for parts and materials.
Because of this headwind, Philips is also becoming more negative about this year as a whole. The company expects comparable sales to increase to 3 percent. Previously it was between 3 and 5 percent.
CEO Frans van Houten says that Philips has taken various measures to ensure that the supply chain becomes more resilient.
He also says that Philips is adjusting prices to the higher material costs that the company has to pay itself, and that Philips is working on productivity. Philips also states that it has already made 3 million replacement sleep apnea devices or repair kits for those machines.
In total, the company has to replace about 5.5 million sleep apnea devices. The insulating foam in those devices could come off and cause health problems for users.
