Germany · Delayed Price · Currency is EUR Siemens Healthineers AG Earnings Call Transcripts
Fiscal Year 2026
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Q2 revenue growth is expected below the 5%-6% outlook, with significant FX and tariff headwinds impacting margins and EBIT. Diagnostics faces pronounced declines in China, while hedging and pricing strategies aim to offset cost inflation risks.
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Imaging and Precision Therapy delivered strong growth and margins, offsetting Diagnostics' decline due to China market headwinds. H2 is expected to improve with cost reductions, core lab momentum, and new product launches, while spin-off preparations advance.
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Imaging and precision therapy delivered strong growth and margin expansion, offsetting diagnostics' revenue decline driven by structural changes in China. Fiscal 2026 outlook is confirmed, with continued tariff and FX headwinds, and diagnostics expected to face further challenges in Q2.
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Global leadership in imaging and precision therapy is reinforced by strong R&D, AI-driven innovation, and robust recurring revenues. Photon-counting CT and precision therapy advances drive growth, while prudent financial management and productivity programs address market and tariff headwinds.
Fiscal Year 2025
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Clear focus on four major disease areas, with Imaging and Precision Therapy driving 6%-9% annual growth and Diagnostics targeting mid-single digit growth and margin expansion. AI and innovation are central, with strong recurring revenues, disciplined capital allocation, and sustainability goals supporting double-digit EPS growth.
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Q4 and fiscal 2025 saw solid growth, strong cash generation, and robust order intake, with tariffs and FX presenting headwinds for 2026. Imaging and Varian remain growth drivers, while Diagnostics faces China-specific challenges. Tariff impacts will be fully mitigated over three years.
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Fiscal 2025 ended with strong results, achieving guidance and broad-based growth except in China. Fiscal 2026 guidance anticipates 5%-6% revenue growth, with continued headwinds from tariffs and FX, and flat China revenue. Innovation and operational improvements drive segment performance.
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Q4 is set to be the strongest quarter, though less loaded than last year, with full-year growth guided at 5.5%-6% and EPS at EUR 2.30-2.45. Currency volatility and tariffs are key headwinds, with a combined EUR 0.30 EPS impact expected in 2026.
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Q3 2025 saw robust revenue and margin growth, prompting a raised outlook. Tariffs and FX headwinds are expected to weigh on 2026, but mitigation plans are in place. Photon-counting CT and innovation continue to drive segment strength.
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Q3 2025 saw 7.6% revenue growth and 23% higher adjusted EPS, with margin expansion despite tariff headwinds. Outlook for FY25 was raised, but tariffs and FX remain key risks. Imaging and Varian led segment growth, while Diagnostics margin improved despite China VBP pressure.
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Q3 is expected to deliver 5-6% revenue growth, with Imaging and Advanced Therapies outperforming due to a weak prior-year Q3. Margins are projected to remain flat year over year, while currency volatility and tariffs present ongoing risks.
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Strong Q2 performance with robust book-to-bill and margin expansion, but EPS guidance was widened due to new tariff impacts. Mitigation efforts are underway, and market demand remains resilient, though China is yet to recover. Photon Counting CT and PETNET businesses show strong momentum.
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Q2 2025 saw nearly 7% revenue growth and margin expansion, with strong performance in Imaging and Varian. EPS guidance was widened at the lower end due to new tariffs, but revenue outlook remains unchanged. Free cash flow for H1 reached EUR 1 billion, up 64% year-over-year.
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Q2 growth is expected at around 5%, with Imaging and Varian segments showing margin expansion and Diagnostics maintaining strong year-over-year performance. Currency volatility and tariffs present risks, but fundamentals remain solid.
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Q1 delivered strong revenue, margin, and cash flow growth, with guidance unchanged for the year. China headwinds in diagnostics are expected through 2026, but innovation in CT and radiopharmaceuticals is driving competitive advantage and growth.
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Q1 saw nearly 6% revenue growth, strong order intake, and margin expansion across all segments, with free cash flow more than tripling year-over-year. Fiscal 2025 guidance is confirmed, with manageable risks from tariffs and continued innovation driving growth.
Fiscal Year 2024
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Q4 saw strong revenue and EPS growth, with significant free cash flow improvement and robust performance in Imaging, Varian, and Advanced Therapies. Fiscal 2025 guidance targets 5%-6% revenue growth, prudent China assumptions, and broad-based margin expansion. Photon Counting CT and service growth are key innovation and revenue drivers.
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Q4 delivered 7% revenue growth ex-antigen, 16% higher adjusted EPS, and doubled free cash flow, with strong performance in Imaging, Varian, and Advanced Therapies. Fiscal 2025 guidance targets 5%-6% revenue growth and €2.35–2.50 EPS, with China remaining a key risk.
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Revenue and margin growth remain on track despite increased headwinds in China, with stabilization signs and government stimulus expected to support future performance. Diagnostics and molecular imaging segments show strong progress, and 2025 guidance targets robust EPS and margin expansion.
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Q3 2024 delivered 4.3% revenue growth and stable EPS, with strong performance in Varian and Diagnostics offsetting a 13% revenue decline in China. Outlook for FY24 is confirmed, but group and Imaging growth are guided to the lower end of the range due to China.