November 2, 2020 -- Siemens Healthineers posted a 2% decline in revenues for the company's fourth quarter of fiscal 2020. Net income also slipped for the period, but the company expressed satisfaction with the results given the "historically challenging environment."
For the quarter (end-September 30), Siemens posted revenue of 3.876 billion euros ($4.506 billion), down 2% after currency adjustment compared with revenue of 4.142 billion euros ($4.815 billion) in the same period the year before. The company's quarterly net income was 432 million euros ($502 million), compared with 507 million euros ($590 million) in the fourth quarter of fiscal 2019.
In discussing the quarterly results, Siemens said that while its Imaging and Diagnostics segments were down slightly compared with the year before, revenues for its Advanced Therapies business saw a "strong decline," in part due to an "exceptionally good" performance in the fourth quarter of fiscal 2019.
The Imaging business saw revenues fall 1.7% in the quarter after currency adjustment, with strength coming from the CT and molecular imaging segments. Siemens' Diagnostics business saw revenues fall 1% after currency adjustment, with profit margin declining slightly due to lower testing volumes for routine care and higher costs due to the COVID-19 pandemic. The Advanced Therapies business saw a decline of 6.4% after currency adjustment, compared with the strong fourth quarter the segment saw in 2019.
On a geographic basis, Siemens said it saw "considerable growth" in its Europe, Middle East, and Asia (EMEA) business, while its Americas and Asia-Australia regions saw declines, in part due to significant growth in the corresponding quarter the year before.
For the year, Siemens saw revenues of 14.460 billion euros ($16.812 billion), down 0.2% after currency adjustment compared to 14.518 billion euros ($16.879 billion) for fiscal 2019. The company's net income for fiscal 2020 was 1.423 billion euros ($1.654 billion), compared with 1.586 billion euros ($1.844 billion) for the full year of 2019.
Siemens CEO Bernd Montag said the company "has proven to be very resilient and performed excellently," despite the "historically challenging environment." The company's order backlog has risen to a new record level, he added.