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Siemens Healthineers Q3 profit, cash flow fall on COVID test wind-up

2023-08-02 13:24
U.S.-German medical device maker Siemens Healthineers on Wednesday reported a drop in quarterly operating profit and free cash
Siemens Healthineers Q3 profit, cash flow fall on COVID test wind-up

U.S.-German medical device maker Siemens Healthineers on Wednesday reported a drop in quarterly operating profit and free cash flow due to the tailing-off of its rapid COVID-19 antigen test business.

Adjusted earnings before interest and taxes (EBIT) fell to 740 million euros ($812.59 million) in the third quarter, below the 773 million euros expected by analysts according to a consensus provided by the company.

Free cash flow was down 40% compared with the same quarter last year, at 285 million euros.

($1 = 0.9084 euros)

(Reporting by Miranda Murray and Alexander Huebner, Editing by Rachel More)