Strong contributions from COVID-19 antigen tests -- coupled with sales from its Varian radiation therapy division -- helped drive revenues for Siemens Healthineers in the second quarter of fiscal 2022.
For the quarter, Siemens posted revenues of 5.46 billion euros ($5.737 billion), up 15.8% after currency changes compared with sales of 3.965 billion euros ($4.168 billion) in the second quarter of fiscal 2021. Much of the revenue growth was driven by sales of COVID-19 antigen tests, the company said; apart from this product line, revenue grew 4.4% after adjusting for currency changes.
The company's net income for the second quarter of 2022 rose 30% to 583 million euros ($613 million) for the quarter, compared with 447 million euros ($470 million) the year before.
By division, the Diagnostics division at Siemens Healthineers posted revenue of 1.768 billion euros ($1.858 billion), up 37.2% after currency adjustments compared with revenues of 1.237 billion euros ($1.3 billion) in the second quarter of fiscal 2021. The division's earnings before interest and taxes (EBIT) was 342 million euros ($360 million), compared with 131 million euros ($138 million) in the same period the year before.
Siemens Healthineers reported that sales of rapid COVID-19 antigen tests produced revenue of 680 million euros ($715 million), compared with 190 million euros ($200 million) the same period the year before. Apart from antigen tests, revenue for the Diagnostics division was comparable to the year before.
Meanwhile, revenues in the company's Imaging division were 2.621 billion euros ($2.754 billion), up 6.5% after currency adjustment compared to sales of 2.368 billion ($2.488 billion) in the same period the year before. The division's EBIT was 530 million ($557 million), compared with EBIT of 499 million euros ($524 million) in the first quarter of 2021.
The company's MRI business achieved "sharp growth," Siemens reported, while CT recorded "very strong growth." Geographically, the Americas region posted "significant growth" compared to a weak quarter the year prior, while the Europe, Middle East, and Africa (EMEA) region recorded strong growth. Significant declines in China in the most recent quarter compared to a strong quarter a year ago led to sales in the company's Asia and Australia region to be comparable to a year ago.
Finally, the company's Varian business contributed 706 million euros ($742 million) to revenue for the quarter.
Thanks to strong demand for rapid COVID-19 antigen tests, Siemens Healthineers raised its revenue outlook for the rest of fiscal 2022. The company said it now expects revenue growth after currency adjustment between 5.5% to 7.5%, up from 3% to 5% previously. Revenue for the Imaging segment is expected to grow 6% to 8% (up from 5% to 8% previously) while growth in Diagnostics is expected to be in the midsingle digits, up from the low single digits previously.